SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. It is a global member-owned cooperative that functions as a messaging system used by financial institutions to quickly, accurately, and securely send and receive information, primarily money transfer instructions. SWIFT is not a financial institution or a banking system, and it doesnt move money. Instead, it sets up the transfer of money between member banks and other member financial institutions.
SWIFT is the largest and most streamlined method for international payments and settlements. It allows individuals and businesses to take electronic or card payments, even if the customer or vendor uses a different bank than the payee. Members pay a one-time fee to join plus annual support charges according to member classification.
SWIFT is also a programming language used for developing software for Apple platforms.
