Society for Worldwide Interbank Financial Telecommunications - SWIFT

DEFINITION of 'Society for Worldwide Interbank Financial Telecommunications - SWIFT'

A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) uses a standardized proprietary communications platform to facilitate the transmission of information about financial transactions. This information, including payment instructions, is securely exchanged between financial institutions.

BREAKING DOWN 'Society for Worldwide Interbank Financial Telecommunications - SWIFT'

SWIFT neither holds funds nor manages client accounts. It began operating in 15 countries in 1973 and now operates in 210 countries. By April 2012, the co-op was delivering an average of 18,306,753 messages a day - up from 12,265,837 messages per day in January 2007.

SWIFT is headquartered in Belgium and has offices in the United States, Brazil, Australia, India, Japan, Korea, Austria, Belgium, France, Germany, Italy, South Africa, Spain, Sweden, Switzerland, the United Kingdom, UAE and Russian Federation.

RELATED TERMS
  1. Committee On Payment And Settlement ...

    A committee made up of the central banks of G10 countries that ...
  2. Guarantor

    A person who guarantees to pay for someone else's debt if he ...
  3. Big Six Banks

    A term used in Canada to describe the National Bank of Canada, ...
  4. Routing Transit Number - RTN

    A nine-digit numerical code used to identify a banking or other ...
  5. Subsidiary Bank

    A type of foreign bank that is incorporated in the host country ...
  6. Bank

    A financial institution licensed as a receiver of deposits. There ...
Related Articles
  1. Credit & Loans

    The Evolution Of Banking

    Banks are a part of ancient history. Find out how this system of money management developed into what we know today.
  2. Economics

    Inside National Payment Systems

    Investopedia explains: The global interconnection of U.S. payment systems makes commerical and financial transfers possible.
  3. Personal Finance

    How Basel 1 Affected Banks

    This 1988 agreement sought to decrease the potential for bankruptcy among major international banks.
  4. Economics

    Does Big Money Hurt or Help Clinton and Rubio?

    Marco Rubio and Hillary Clinton lead their parties in raising money from Wall Street. Is that a help or a hindrance?
  5. Credit & Loans

    A FICO-free Loan? See SoFi's Super Bowl Ad

    Non-bank lender SoFi will air its first TV ad during Super Bowl 50. Here's how it's challenging big banks by providing an alternative approach to loans.
  6. Investing

    How Digital Payments Will Change Commerce in 2016

    The way we transfer and spend money is constantly evolving, and 2016 is poised to expand digital payments like we've never seen before.
  7. Investing Basics

    Analyzing A Bank's Financial Statement

    Investors should analyze a bank’s interest rate risk and credit risk when analyzing its financial statement.
  8. Savings

    How Bank Cost-Cutting Could Affect You

    Banks are looking to cut costs. If history is any guide, it could be at your expense. Here's how to protect yourself.
  9. Fundamental Analysis

    5 Economic Changes to Expect if a Democrat Wins in 2016

    Discover the potential economic effects of a Democratic White House win in 2016, including higher taxes for the wealthy and tighter banking regulations.
  10. Economics

    How Will Rate Hikes Impact The Banking Sector?

    Banks traditionally rally in a rising rate environment but it may be different this time around.
RELATED FAQS
  1. What's the difference between an IBAN and a swift code?

    The main difference between an International Bank Account Number (IBAN) and a Society for Worldwide Interbank Financial Telecommunication ... Read Full Answer >>
  2. Does the FDIC cover credit unions?

    The Federal Deposit Insurance Corporation (FDIC) does not cover credit unions. The FDIC only insures deposits in banks and ... Read Full Answer >>
  3. What are Santander's escheatment services?

    Escheatment is the process where an individual's assets are considered abandoned and the custody of said assets is assigned ... Read Full Answer >>
  4. Do banks have working capital?

    The concept of working capital does not apply to banks since financial institutions do not have typical current assets and ... Read Full Answer >>
  5. Who decides to print money in Canada?

    In Canada, new money comes from two places: the Bank of Canada (BOC) and chartered banks such as the Toronto Dominion Bank ... Read Full Answer >>
  6. Who decides when to print money in India?

    The Reserve Bank of India, or RBI, manages currency in India. The bank's additional responsibilities include regulating the ... Read Full Answer >>
Hot Definitions
  1. Socially Responsible Investment - SRI

    An investment that is considered socially responsible because of the nature of the business the company conducts. Common ...
  2. Inverted Yield Curve

    An interest rate environment in which long-term debt instruments have a lower yield than short-term debt instruments of the ...
  3. Presidential Election Cycle (Theory)

    A theory developed by Yale Hirsch that states that U.S. stock markets are weakest in the year following the election of a ...
  4. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
  5. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  6. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
Trading Center