What is SWIFT?
Definition of SWIFT: It works according to a worldwide financial network that exchange messages between the banks and several other financial organizations. This does the marketing of software and creates standards for the communication among the members. Several identifiers are referred as “SWIFT” codes. It does not take part in the transfer of real funds rather it sends the orders of payment which is settled through the correspondent relationship. It id explained as a cooperative society that comes under the Law of Belgian and was invented in Brussels. It has offices in different parts of the world and has headquarters in Belgium near Brussels. Most of the international messages flow across the protected SWIFT network.