SWIFT

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

What does SWIFT mean?

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.