SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, a cooperative organisation that operates the SWIFT messaging service, and is recognised as the fastest, most secure method for international financial transactions.
The SWIFT messaging service connects global financial entities in a secure network for sending and receiving financial messages and is used by most of the interbank network. Over 10,000 financial institutions worldwide operate with SWIFT in over 200 territories, processing more than 15 million messages a day
The main advantages of SWIFT messages include:
1. The fact that all of the details relating to a payment are outlined in the
message, including the costs and time periods involved.
2. Traceability is built into the entire process. SWIFT makes it easy to obtain
proof of client payment, which is crucial for many businesses. This guarantees that clients (or the clients’ supplier) can trace the transaction status and the
location of the funds at any step of the transit period.
SWIFT is extremely reliable, having lost no messages since it was established in the 1970s, despite the fact that it sends over 15 million SWIFT messages every day.