Definition: Society for Worldwide Interbank Financial Telecommunication (SWIFT) which is based in Belgium. Financial institutions throughout the world use this system to communicate their confidential financial information.
Goal: Providing better services to the customers, facilitating in business transactions with higher speed and more facilities, direct access to banking systems and the respective correspondents throughout the world with a very high speed, providing the possibility to perform the respective accounting operations with the assistance of standard messages of the same high speed.
It meets the whole needs of the world financial institutions for payments, financial markets, securities and financial exchanges. Some of the advantages of SWIFT as compared to other telecommunication equipment (telex, fax) are listed hereunder:
- 24-hour worldwide access
- Designed based on standard procedures
- Cost saving