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
Messages are sent over the SWIFTNet network and addressed using Bank Identifier Codes (BICs) to authenticate
SWIFT operates under Belgian law as a cooperative owned by its member banks and financial institutions, with