SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. Established in 1973, it facilitates communication for financial transactions and services between financial institutions worldwide.
SWIFT does not transfer funds but provides a secure and standardized messaging system through which financial institutions can send and receive information about financial transactions in a secure, standardized, and reliable environment. It is used for international wire transfers, securities transactions, and payment messages, supporting more than 200 countries and territories. SWIFT codes, also known as BIC codes, are used to identify banks and financial institutions globally, ensuring that transactions reach their intended destinations. Despite its widespread use, SWIFT faces criticism and competition over fees, speed, and the emergence of new technologies like blockchain, which promise faster and cheaper transactions.
