SWIFT (Society for Worldwide Interbank Financial Telecommunication) is an international interbank financial messaging system. It was founded in 1973 by 239 banks from 15 countries and today it is the main system for exchanging financial messages between banks and other financial institutions around the world.

SWIFT provides a secure and reliable way of transmitting financial messages. The system uses encryption and other security measures to protect the confidentiality and integrity of messages. SWIFT also provides a standardised format for messages, making them easier to process and exchange between banks.

SWIFT is used for a wide range of financial transactions, including:

• Transfers between banks
• Credit and loan servicing
• Securities trading
• Investments
• International trade

SWIFT is an important part of the global financial system. It ensures the smooth functioning of international trade and investment.

Here are some key facts about SWIFT:

• It is headquartered in Brussels, Belgium.
• The system has more than 11,000 members from over 200 countries and territories.
• More than 42 million messages are transmitted through SWIFT every day.
• The volume of financial transactions processed through SWIFT is more than $6 trillion per day.

SWIFT is an important part of the global financial system. It provides secure and reliable transmission of financial messages between banks and other financial institutions around the world.