SWIFT

SWIFT is the acronym for Society for Worldwide Interbank Financial Telecommunication. SWIFT is a cooperative organisation created and owned by banks that operates a network which facilitates the exchange of payment and other financial messages between financial institutions (including broker-dealers and securities companies) throughout the world. A SWIFT payment message is an instruction to transfer funds; the exchange of funds (settlement) subsequently takes place over a payment system or through correspondent banking relationships.

Source: BIS Glossary of terms used in payments and settlement systems

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