SWIFT :

Society for Worldwide Inter-bank Financial Telecommunications (SWIFT) is a co-operative non-profit making organization established under Belgian law with its head quarters at Brussels. SWIFT is wholly owned by its member banks. SWIFT is a paperless message transmission system.

SWIFT – important features:

– Operates on 24×7 basis throughout the year

– All messages are transmitted to any part of the world immediately

– Message formats are standardized

– Information is confidential and is protected against unauthorized disclosure

– SWIFT assumes financial responsibility for the accuracy and timely delivery

SWIFT and banks:

– SWIFT has become an integral part of banking system. SWIFT assist member banks

– SWIFT transmit authenticated financial and non financial messages

– SWIFT with its well-standardized and structured message formats have been offering a reliable system of message transmission

– Banks use SWIFT platform to for transmission of financial and non financial messages covering international finance (settlement of forex deals), international trade (advising of LCs, amendments to LCs etc,)