ALSO CALLED: SWIFT (Messaging Format) and Society for Worldwide Interbank Financial Telecommunication DEFINITION: Founded in Brussels in 1973, the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) is a co-operative organization dedicated to the promotion and development of standardized global interactivity for financial transactions. SWIFT's original mandate was to establish a global communications
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SWIFT DEFINITION (continued): … link for data processing and a common language for international financial transactions. The Society operates a messaging service for financial messages, such as letters of credit, payments, and securities transactions, between member banks worldwide. SWIFT's essential function is to deliver these messages quickly and securely -- both of which are prime considerations for financial matters. Member organizations create formatted messages that are then forwarded to SWIFT for delivery … SWIFT definition sponsored by SearchCIO.com, powered by WhatIs.com an online computer dictionary
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