SWIFT - Banking Financial Messaging Service
SWIFT, a Belgium-based financial messaging network, enables secure global money transfers among 11,000 institutions across 200+ countries, replacing TELEX by standardizing communication for banks, brokers, and fund houses through unique identification codes.
Do you transfer money online to your friends? You may have heard about the IFSC code if you are using banking to send money. If you are working in financial markets, more specifically in Investment banking Industry, one of the highly used terms you will come across is SWIFT . . What it is? why it's used and why it's important, let's find out !!
(SWIFT) Society for Worldwide Interbank Financial Telecommunication is a Belgium based secure financial messaging service which is used by over 11,000 banking and securities organizations in more than 200 countries across the world.
Before SWIFT came into place, TELEX was highly used for such services. But as markets developed, there was a need of the hour where a more safe, secured, and faster way to communicate was needed. To fulfill this, large banks got together and formed the base for the creation of SWIFT in 1973.
Basically in simpler terms, if you want to send a text message you need a person's mobile no, for sending an email you need an email id. If you had to send money in India before UPI like Google Pay, Paytm came into place, we always use to ask…
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