(image credit : google)
Society For Worldwide Inter Bank Financial Telecommunication (SWIFT)
SWIFT is the Society for Worldwide Interbank Financial Telecommunication, a member- owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. More than 10,800 banking organizations, securities institutions and corporate customers in over 200 countries trust SWIFT every day to exchange millions of standardized financial messages. Banks and financial institutions in India are part of the high security network -SWIFT. SWIFT is used for the transmission and receipt of all international financial messages by member banks and financial institutions. As per rough estimate half of the world’s transactions are made through net work.
SWIFT enables its customers to automate and standardize financial transactions, thereby lowering costs, reducing operational risk and eliminating inefficiencies from their operations. By using SWIFT customers can also create new business opportunities and revenue streams. SWIFT does not facilitate funds transfer, rather, it sends payment orders, which must be settled via correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features. The SWIFT community includes a variety of financial services firms, including banks, broker/dealers, and investment managers, as well as their market infrastructures in payments, securities, treasury, and trade.
Site Title 