Society for Worldwide Interbank Financial Telecommunications - SWIFT

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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.

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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 >>
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    While both debit orders and standard orders represent recurring transactions that must be considered in bank reconciliations, ... Read Full Answer >>
  3. How can I cancel a bank draft that I have purchased?

    It is not commonly possible to cancel or stop payment on a bank draft since it, in effect, represents a transaction that ... Read Full Answer >>
  4. How does investment banking differ from commercial banking?

    Investment banking and commercial banking are two primary segments of the banking industry. Investment banks facilitate the ... Read Full Answer >>
  5. Who generally structures a syndicated loan?

    Typically, either an investment bank or a commercial bank structures a syndicated loan. A syndicated loan is provided by ... Read Full Answer >>
  6. What role does a correspondent bank play in an international transaction?

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