Difference between revisions of "SWIFT network"
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The '''SWIFT banking network''' (Society for Worldwide Interbank Financial Telecommunications) system, which was founded in 1973 for the purpose of establishing common processes and standards for financial transactions, powers most international [[money]] and [[security]] transfers. SWIFT powers the [[Petrodollar]] system. SWIFT is a vast messaging network used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions to resolve international transactions and [[balance of payments]] [[trade]] accounts. | The '''SWIFT banking network''' (Society for Worldwide Interbank Financial Telecommunications) system, which was founded in 1973 for the purpose of establishing common processes and standards for financial transactions, powers most international [[money]] and [[security]] transfers. SWIFT powers the [[Petrodollar]] system. SWIFT is a vast messaging network used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions to resolve international transactions and [[balance of payments]] [[trade]] accounts. | ||
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==See also== | ==See also== | ||
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*[[PROMIS software]] | *[[PROMIS software]] | ||
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*[[Systematics]] | *[[Systematics]] | ||
*[[BCCI scandal]] | *[[BCCI scandal]] | ||
| + | *[[CIPS]] | ||
== External links == | == External links == | ||
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*[https://iwayinfocenter.informationbuilders.com/TLs/TL_soa_ebiz_swift/source/intro_swift9.htm A Brief History of SWIFT] | *[https://iwayinfocenter.informationbuilders.com/TLs/TL_soa_ebiz_swift/source/intro_swift9.htm A Brief History of SWIFT] | ||
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[[Category:Banking]][[Category:Economics]][[Category:International Relations]] | [[Category:Banking]][[Category:Economics]][[Category:International Relations]] | ||
Latest revision as of 03:33, January 23, 2026
The SWIFT banking network (Society for Worldwide Interbank Financial Telecommunications) system, which was founded in 1973 for the purpose of establishing common processes and standards for financial transactions, powers most international money and security transfers. SWIFT powers the Petrodollar system. SWIFT is a vast messaging network used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions to resolve international transactions and balance of payments trade accounts.
SWIFT is a Limited Liability Company owned by its members, headquartered in Belgium, and has over 11,000 member banks and about 1,000 corporations worldwide.