SWIFT

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a global messaging network used by financial institutions to securely transmit information and instructions relating to financial transactions. SWIFT provides banks and other financial institutions with a standardized means of communicating with each other, facilitating the transfer of funds, securities and other assets across borders.

1. SWIFT – HISTORY & EVOLUTION

2. BIC CODES

3. HOW TO CONNECT

4. MESSAGING SERVICES

5. MESSAGE FORMATS

The History of SWIFT

SWIFT at Late 60’s

Growing and more complex international banking transactions

• Many channels,
• Many languages,
• Not secure.

Need for

• Standards,
• Automation,
• More confidentiality,
• Lower risks.

1973

200+ Banks get together and create SWIFT as a cooperative.

Revolution in the way they communicate.

The benefits of SWIFT

1. 1. Standards
   2. Security
   3. Speed
   4. Cost
   5. Volume

The Evolution of SWIFT

THE PLATFORM OF SWIFT

THE STANDARDS OF SWIFT

THE PRODUCTS OF SWIFT

SWIFT Governance Model

SWIFT Today

SWIFT in numbers :

• +11,000 Financial Institutions Connected (Not only banks).
• +200 Countries.
• +7.1 Billion FIN messages per year average.

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