IT Glossary

SWIFT (Society for Worldwide Interbank Financial Telecommunication)

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a self-describing messaging format that is used within the banking and finance industry to support electronic funds transfer. SWIFT is also the name of the format’s creator, an organization that provides messaging and transaction-processing services to member banks and other financial organizations, including brokers, securities depositories, clearing organizations and stock exchanges.

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