SWIFT

Definition : Society for Worldwide Interbank Financial Telecommunication
Category : Business » Banking
Country/Region : Worldwide Worldwide
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Acronym

What does SWIFT mean?

SWIFT 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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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

What is the full form of SWIFT in Business?

Society for Worldwide Interbank Financial Telecommunication

What are the full forms of SWIFT in Worldwide?

Society for Worldwide Interbank Financial Telecommunication | Spinning Wheel Integrated Force Transducer