SWIFT: Society of Worldwide Interbank Financial Telecommunications
Posted by Ripon Abu Hasnat on Friday, June 13, 2014 | 0 comments
Society of
Worldwide Interbank Financial Telecommunications. It is a dedicated computer
network that is set up to support fund transfer messages between member banks
worldwide. The majority of international interbank messages use the SWIFT
network. SWIFT transports financial messages in a highly secure way, but does
not hold accounts for its members and does not perform any form of clearing or
settlement. SWIFT does not facilitate funds transfer, rather, it sends payment
orders, which must be settled via correspondent accounts that the institutions
have with each other. Each financial institution, to exchange banking
transactions, must have a banking relationship by either being a bank or
affiliating itself with one (or more) so as to enjoy those particular business
features.
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