Category
page 1Society for Worldwide Interbank Financial Telecommunication
SWIFT
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a cooperative established in 1973 in Belgium () and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and assigns ISO 9362 Business Identifier Codes (BICs), popularly known as "SWIFT codes".
Cross-Border Interbank Payment System
financial markets payment system
SWIFT ban against Russian banks
sanction against Russia for the 2022 invasion of Ukraine
MT940
MT940 is a specific SWIFT message type used by the SWIFT network to send and receive end-of-day bank account statements.