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.

  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. Bank

    A financial institution licensed as a receiver of deposits. There ...
  6. Subsidiary Bank

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

    How the Rothschild Family Created Their Wealth

    An overview of how the Rothschild dynasty became one of the most powerful families in the world.
  5. Investing Basics

    4 Iconic Financial Companies That No Longer Exist

    Learn how poor management, frauds, scandals or mergers wiped out some of the most recognizable brands in the finance industry in the United States.
  6. Investing

    2 Undervalued Bank Stocks

    Banks in the industry sweet spot are positioned to perform.
  7. Professionals

    Common Interview Questions for Financial Analysts

    Learn more about the career of financial analyst, along with specific potential interview questions and answers for this type of position.
  8. Professionals

    A Day in the Life of an Investment Banker

    Take a look at a day in the life of an investment banker, one of the most sought-after and stressful jobs in the financial sector.
  9. Budgeting

    When Using a Money Order Makes Sense

    Money orders are usually the least expensive way to send "cleared" funds to pay a bill (or traffic ticket). Here's how they work and what to watch out for.
  10. Professionals

    Common Interview Questions for Private Bankers

    Learn some specific questions often asked in interviews for private banker jobs, and what a job candidate needs to stress during an interview to land the job.
  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 >>

You May Also Like

Hot Definitions
  1. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
  2. Quick Ratio

    The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet ...
  3. Black Tuesday

    October 29, 1929, when the DJIA fell 12% - one of the largest one-day drops in stock market history. More than 16 million ...
  4. Black Monday

    October 19, 1987, when the Dow Jones Industrial Average (DJIA) lost almost 22% in a single day. That event marked the beginning ...
  5. Monetary Policy

    Monetary policy is the actions of a central bank, currency board or other regulatory committee that determine the size and ...
  6. Indemnity

    Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability ...
Trading Center