SWIFTverkkoa

SWIFTverkkoa, commonly referred to in English as the SWIFT network, is a global financial messaging system used by banks and other financial institutions to exchange standardized information related to payments, securities, and trade. It provides secure, reliable messaging between counterparties and is not a settlement system; the movement of funds is handled by other payment rails or correspondent banking networks.

Established in 1973 by a consortium of banks, SWIFT (Society for Worldwide Interbank Financial Telecommunication) is organized as a cooperative owned by its member institutions and is headquartered in La Hulpe, Belgium. The network connects thousands of financial institutions in more than 200 countries. It originally used MT message formats and is undergoing a migration toward ISO 20022 to harmonize data standards.

Messages are sent over the SWIFTNet network and addressed using Bank Identifier Codes (BICs) to authenticate counterparties. SWIFT handles payments, foreign exchange confirmations, securities, treasury, and compliance messages. Security and resilience are central, with strong cryptographic protections, network infrastructure, and ongoing security programs such as the Customer Security Programme to mitigate fraud and operational risk.

SWIFT operates under Belgian law as a cooperative owned by its member banks and financial institutions, with governance by a board elected by participants. The network plays a central role in international finance, enabling cross-border payments and data exchange, and shaping standards, interoperability, and regulatory compliance in areas such as anti-money laundering and sanctions screening.