SWIFT - Society for Worldwide Inter-bank Financial Telecommunication - is a Belgian company, located in Belgium, and is a trusted and closed network used for communication between banks around the world. It is overseen by a committee composed of the US Federal Reserve, the Bank of England, the European Central Bank, the Bank of Japan and other major banks. SWIFT is used by around 11 thousands institutions in more than 200 countries and supports around 25 million communications a day, most of them being money transfer transactions, the rest are various other types of messages. The majority of international inter-bank messages use the SWIFT network. SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other.
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Internationally standardized messaging means that every transaction between every financial institution is recorded in exactly the same way, providing all the details in a clear and transparent manner.Įvery financial institution has its own unique code that provides information on the name and location of the bank.įor two financial institutions to exchange banking transactions, they must have a banking relationship beforehand. There are a number of known benefits to using SWIFT: Each transaction contains a unique reference number, bank operation code and details of charges incurred during the transaction.īecause SWIFT uses internationally standardized messages, it is a transparent way for institutions to communicate between each other and securely relay the details of any transaction. SWIFT payments clearly detail the amounts involved in the transaction, the route it takes between banks, the details of all charges and the nature of the payment (along with many other details). This information allows all parties involved to track the transaction and to understand the costs and time period involved. Because SWIFT details the route of the transaction between banks and the amount of money involved, it provides clear and recognized proof of payment.Ĭonsistency. Due to the consistency of how messages are structured, payment information is easy to decipher regardless of country or language barriers.Ĭorrespondent banking is an important aspect of international banking and a key concept underneath the SWIFT network.Ī correspondent bank is a financial institution that provides services on behalf of another financial institution. It can facilitate wire transfers, conduct business transactions, accept deposits and gather documents on behalf of another financial institution. Generally speaking, the reasons domestic banks employ correspondent banks include: Correspondent banks are most likely to be used by domestic banks to service transactions that either originate or are completed in foreign countries, acting as a domestic bank's agent abroad.limited access to foreign financial markets and the inability to service client accounts without opening branches abroad.act as intermediaries between banks in different countries or as an agent to process local transactions for customers abroad.accept deposits, process documentation and serve as transfer agents for funds.This YCH was startet at September 7th, 2021 and finally finished at February 28th, 2022.
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