The SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global financial messaging network that facilitates the exchange of information and money between financial institutions worldwide. It was founded in 1973 by a group of banks and financial institutions to establish a common communication platform for interbank transactions.
Today, SWIFT is used by over 11,000 financial institutions in more than 200 countries to exchange financial messages securely and efficiently. The network enables banks and other financial institutions to send and receive messages related to payments, securities, foreign exchange, and other financial transactions.
SWIFT does not facilitate the movement of funds, but rather provides a secure and reliable platform for financial institutions to exchange information related to transactions. The network uses a standardized messaging format, which ensures that messages are sent and received in a consistent manner, and that the information contained in them is accurate and complete.
SWIFT has become an integral part of the global financial system and plays a crucial role in facilitating international trade and commerce. It continues to evolve and innovate to meet the changing needs of its users, and to address new challenges and opportunities in the financial industry.
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