|Definition||:||Society for Worldwide Interbank Financial Telecommunication|
|Category||:||Business » Banking|
What does SWIFT mean?
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a not-for-profit cooperative society formed to provide a network for secure and standardized communication between member banks worldwide. It is an international network used by banks and financial institutions globally to securely transmit information and instructions through a standardized system of codes.
SWIFT Code is a unique identification code for a bank for transferring money between banks, particularly for international wire transfers, and also used for exchanging other messages between them.
SWIFT Code is a standard format of Bank Identifier Code (BIC) consisting of 8 or 11 characters and denotes the bank code, country code, location code, and branch code associated with a transaction.
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||SWIFT||Spinning Wheel Integrated Force Transducer|
Frequently Asked Questions (FAQ)
What is the full form of SWIFT in Payment Systems?
The full form of SWIFT is Society for Worldwide Interbank Financial Telecommunication