Society For Worldwide Interbank Financial Telecommunications

Summary of Society For Worldwide Interbank Financial Telecommunications

An organization, commonly known as SWIFT, established in 1977 by the international banking community to facilitate transactions among member banks. The SWIFT system is a data processing network for the purpose of remitting and collecting funds among the members. Banks interface with the system through regional centers, which are connected into three operating centers, one each based in Belgium, the Netherlands, and the United States. Each operating center is connected directly with the other two. The system verifies bank codes and validates messages for onward transmission. The system consists of over 1,100 banks in 50 countries (as of June 10, 1983) and is supported by dues from member banks and user fees. SWIFT is based in Brussels.

(Main Author: William J. Miller)