SWIFT, The Society for Worldwide Interbank Financial Telecommunication, is a Brussels-based secure network for interbank financial transaction messaging. It enables safe and rapid transactions, primarily through message exchange controlled by signal scripts or predefined codes.
SWIFT Established in Brussels, Belgium, in 1973 by its founder Carl Reuterskiöld, SWIFT is utilized globally by banks and financial institutions for interbank financial transactions. It is a highly popular and reliable means for the secure exchange of financial transaction information.
SWIFT was initiated by American and European banks, who did not expect or imagine that a specific institution would create a unified system to operate and manage international transactions through its exclusive network.
SWIFT is essentially an interbank instant messaging system that immediately notifies customers about transactions. Currently, most banks worldwide use the SWIFT network for internal message exchanges. Over 11,000 financial institutions in nearly 200 countries use SWIFT to send interbank transaction messages and complete transactions.
The National Bank of Belgium, in conjunction with major central banks such as the United States Federal Reserve and the Bank of England, oversees SWIFT's operations. SWIFT's activities are managed by a skilled board of directors, headed by the Chief Executive Officer (CEO). Other members of the board report operational information to the CEO.
SWIFT's operations are conducted through three data centers located in the United States, the Netherlands, and Switzerland. These centers exchange information among themselves and use submarine cable communication systems to transmit data. If one data center fails to transmit information, another center handles the entire network traffic. Currently, SWIFT employs 2,000 people.
