SWIFT (Society for Worldwide Interbank Financial Telecommunication)

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network that securely transmits information about financial transactions between banks and financial institutions. It does not transfer money itself but provides a standardized, reliable way for banks to communicate instructions for money transfers, securities, and other financial transactions across borders. Think of SWIFT as a trusted international postal service for financial messages, ensuring accuracy and speed in global banking operations. It helps facilitate international trade, investment, and finance by simplifying and securing cross-border payments and communication.