What is the Full form of SWIFT?
The full form of SWIFT is Society for Worldwide Interbank Financial Telecommunications. SWIFT is a member-owned cooperative that offers secure and safe money transfers for its representatives. The total payment services allow people and businesses to consider taking card and electronic payments even though the client or vendor uses a different bank that perhaps the payee. SWIFT assigns every other participant organization an id Number that recognizes not just the bank name but also the branch, city and country.
SWIFT is headquartered in Belgium and has an extensive network of distributors that includes numerous countries, including Australia, India, Japan, Germany, Korea, Italy, France, South Africa, Sweden, Spain, the US, the UK, UAE and the Russian Federation.
Who is Using SWIFT?
SWIFT owners initially developed the network primarily to promote correspondence about Treasurer & correspondence payments. The robust nature of the message format provided for enormous optimization via which SWIFT slowly expanded to involve the following areas.
- Securities Dealers
- Asset Management Companies
- Corporate Business Houses
- Foreign Exchange and Money Brokers
- Clearing Houses
- Treasury Market Participants and Service Providers
- Brokerage Institutes and Trading Houses.
Service provided by SWIFT
- Business Intelligence
- Compliance Services
- Messaging, Connectivity & Software Solutions.