SWIFT (Society for Worldwide Interbank Financial Telecommunication)

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.

Major financial institutions, including banks, brokerage firms, and asset management companies, use SWIFT. The network handles various transactions, including international money transfers, payment orders, and securities trades.

The SWIFT system relies on ISO standards. Codes like SWIFT/BIC identify banks uniquely worldwide. For instance, JPMorgan Chase’s code is CHASUS33. The system functions with high reliability and security.

Banks use SWIFT for essential tasks. Examples include cross-border payments, treasury transactions, and trade finance activities.

Financial institutions benefit from SWIFT’s efficiency. The network processes over 42 million messages daily. This number includes payment orders, foreign exchange confirmations, and trade instructions.