SWIFT SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a global messaging network used by financial institutions to securely transmit information and instructions relating to financial transactions. SWIFT provides banks and other financial institutions with a standardized means of communicating with each other, facilitating the transfer of funds, securities and other assets across borders. SWIFT – HISTORY & EVOLUTION BIC CODES HOW TO CONNECT MESSAGING SERVICES MESSAGE FORMATS The History of SWIFT SWIFT at Late 60’s Growing and more complex international banking transactions Many channels, Many languages, Not secure. Need for Standards, Automation, More confidentiality, Lower risks. 1973 200+ Banks get together and create SWIFT as a cooperative. Revolution in the way they communicate. The benefits of SWIFT Standards Security Speed Cost Volume The Evolution of SWIFT THE PLATFORM OF SWIFT THE STANDARDS OF SWIFT THE PRODUCTS OF SWIFT SWIFT Governance Model SWIFT Today SWIFT in numbers : +11,000 Financial Institutions Connected (Not only banks). +200 Countries. +7.1 Billion FIN messages per year average.
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