SWIFT Full Form | What Does SWIFT Stand For?

SWIFT: Society for Worldwide Interbank Financial Telecommunications

SWIFT Full Form

SWIFT full form stands for Society for Worldwide Interbank Financial Telecommunications. Society for Worldwide Interbank Financial Telecom (SWIFT), legally S.W.I.F.T. SCRL provides a network that enables financial institutions to send and receive information about financial transactions in a secure, standard, and reliable environment.

Swift also sells software and services to financial institutions, most of which are known as the Swift Network and the ISO 9362 Business Identity Code (BIC, formerly Bank Identification Code), also known as the “Swift Code”.

Brief History

SWIFT was launched in Brussels on 3 May 1973 under the leadership of its inaugural CEO, Carl Reuters-Killed (1973–1989), and was supported by 239 banks in 15 countries. It began to establish common standards for financial transactions and shared data processing systems and communications networks worldwide, designed by Logica and developed by Borough Corporation.

Basic operating procedures, rules of liability, etc. were established in 1975, and the first message was sent in 1977. Swift’s first the United States operating center was inaugurated in 1979 by Virginia Governor John N. Dalton.

What Is The Full Form Of SWIFT?

SWIFT full form stands for Society for Worldwide Interbank Financial Telecommunications. It provides a network that enables financial institutions to send and receive information about financial transactions in a secure, standard, and reliable environment.

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