SWIFT is an international network designed to exchange information about interbank transfers and payments between financial institutions. SWIFT is not a payment system, such as Visa or MasterCard. The word
SWIFT in English is an abbreviation of
Society for Worldwide Interbank Telecommunications (
SWIFT), in other words, the international interbank community for the transfer of financial information. This community was created for fast, reliable and efficient transfer of data on settlements, payments and transactions to replace the already outdated systems of previous generations of that time. Data on interbank transfers and financial transactions are transmitted via secure communication channels reliably, promptly and efficiently. This community is present in almost all the economies of the world around the world, with the exception of a few states.
The SWIFT name says that the network is used all over the world. This network was established in 1973 with an initial number of participants in several hundred banks from fifteen states. The main office of this company is located in Belgium. Over time, new offices of the company were opened, for example in countries such as Switzerland, the USA or Russia.