SWIFT
Sign in to saveThe Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a cooperative established in 1973 in Belgium () and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and assigns ISO 9362 Business Identifier Codes (BICs), popularly known as "SWIFT codes".
AI overview
SWIFT is a Belgium-based cooperative founded in 1973 that operates the primary messaging system used by banks worldwide to send international payment instructions to each other. It also provides software and services to financial institutions and assigns identification codes (known as SWIFT codes) that help route money correctly across borders.
AI-generated from the Wikipedia summary — may contain errors.
Key facts
- Company.name
- S.W.I.F.T. SC
- Company.logo
- SWIFT 2023 logo.svg
- Company.type
- Cooperative society
- Company.num_employees
- >3,000
- Company.industry
- Telecommunications
- Company.products
- Financial telecommunication
via Wikipedia infobox
Article
24 sectionsContents
- History
- Ownership and governance
- Operations
- Services
- Operations centres
- SWIFTNet network
- Standards
- Supervision
- Alternatives
- Leadership
- Chair
- Chief executive officer
- Controversy
- Inefficiency
- US government surveillance
- SWIFT and sanctions
- Iran
- Israel
- Russia and Belarus
- Security
- See also
- References
- Further reading
- External links
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a cooperative established in 1973 in Belgium () and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and assigns ISO 9362 Business Identifier Codes (BICs), popularly known as "SWIFT codes".
As of 2018, around half of all high-value cross-border payments worldwide used the SWIFT network, and in 2015, SWIFT linked more than 11,000 financial institutions in over 200 countries and territories, who were exchanging an average of over 32 million messages per day (compared to an average of 2.4 million daily messages in 1995).