SWIFT
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) operates a network that allows financial institutions around the globe to securely and reliably exchange information regarding financial transactions. SWIFT also provides software and services to these institutions, much of which is used on the SWIFTNet Network, along with ISO 9362 Business Identifier Codes (BICs), commonly known as “SWIFT codes.”
SWIFT’s network is the backbone of most international interbank messaging. As of 2015, it connected over 11,000 financial institutions across more than 200 countries and territories, facilitating the exchange of over 15 million messages daily—up from 2.4 million in 1995. While SWIFT securely transports financial messages, it does not manage accounts or engage in clearing or settlement.
Instead of facilitating funds transfers directly, SWIFT sends payment orders, which must be settled through correspondent accounts between institutions. To exchange banking transactions, each financial institution must have a relationship with a bank or affiliate with one or more banks to leverage these services.
SWIFT is a cooperative society governed by Belgian law and owned by its member institutions, with offices worldwide. Its headquarters, designed by Ricardo Bofill Taller de Arquitectura, is located in La Hulpe, Belgium, near Brussels. The organization is led by Chairman Yawar Shah and CEO Gottfried Leibbrandt. SWIFT hosts an annual conference, Sibos, focused on the financial services industry.
Contact Info
- +32 2 655 31 11
- www.swift.com
- La Hulpe, Belgium
