What is SWIFT?
SWIFT is a cooperative society owned by its members. Through SWIFT the financial industry carry out their business operations in a fast, secure and reliable.
Over 10,000 financial institutions and societies from 212 countries put their trust in SWIFT everyday to exchange millions of standardized financial messages.
SWIFT allows its partners to automatize and standardized financial transactions, thus reducing both costs and operations risks while eliminating inefficiencies in their operations. Using SWIFT offers the possibility of generating new commercial opportunities and revenue streams.
For 40 years, SWIFT’s mission has been:
- To offer a private communications platform, products and services that allow financial institutions and corporates to get connected and exchange financial information in a secure and reliable manner. .
- To serve as catalysts by gathering members of the financial community to work together in designing best practices in the marketplace, definition of norms and procedures, and solutions to common-interest problems.
In general, the SWIFT network groups the following types of institutions:
In this matter, SWIFT allows the automation and standardization of financial transactions in an integral manner for all its members, both if their business is payments such as treasury, international commerce operations or securities operation, or a small local stock exchange intermediary, or even a bank with international multi-service bank.