The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global cooperative network that enables secure, standardized financial transactions between banks and financial institutions around the world. Established in 1973, SWIFT provides a messaging infrastructure that facilitates the exchange of payment instructions, trade finance details, and other financial messages across more than 11,000 institutions in over 200 countries. Each participating institution is assigned a unique SWIFT/BIC (Bank Identifier Code), ensuring accurate and efficient communication. While SWIFT does not move funds itself, it sends payment orders that must be settled by correspondent accounts between institutions. SWIFT's robust security protocols and standardized messaging formats have made it the backbone of international finance, supporting the seamless execution of cross-border payments, securities transactions, and other financial operations.
