What is SWIFT Financial System?

SWIFT

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SWIFT

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SWIFT

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SWIFT

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SWIFT

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SWIFT

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What is SWIFT Financial System?

SWIFT

It stands for Society for Worldwide Interbank Financial Telecommunication.

SWIFT

It is a global messaging system that connects thousands of financial institutions around the world.

SWIFT

Its principal function is to serve as the main messaging network through which international payments are initiated.

SWIFT

SWIFT acts as a carrier of the "messages containing the payment instructions between financial institutions involved in a transaction."

SWIFT

It doesn't move the money, but it moves the information about the money.

SWIFT

SWIFT was founded in Brussels on 3 May 1973 under the leadership of its inaugural CEO, Carl Reuterskiöld.

SWIFT

The SWIFT secure messaging network is run from three data centers, located in the United States, the Netherlands, and Switzerland.

SWIFT

It connects more than 11,000 financial institutions in more than 200 countries and territories worldwide.

SWIFT

SWIFT said it recorded 42 million messages a day on average in 2021 and 82 million messages overall this month. That includes currency exchanges, trades, and more.