What is SWIFT and How Does it Work?

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a secure network that facilitates the exchange of financial information between banks globally. Think of it as a global messaging system for banks. When you send money internationally, your bank uses SWIFT to communicate with the recipient’s bank, providing details of the transaction. This isn’t the money itself moving, but rather the instructions for its movement. Traditionally, this process could take several days, depending on various factors like bank processing times and cross-border regulations.

The Evolution of SWIFT: From Days to Minutes

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