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SWIFT_PresentationVisit Us @ Management.umakant.info

SWIFT_PresentationVisit Us @ Management.umakant.info

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Published by: welcome2jungle on Sep 17, 2010
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03/02/2011

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S.W.I.F.T.
What is SWIFT?
The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a
worldwide financial messaging network. Messages are securely and reliably exchanged
between banks and other financial institutions.
SWIFT also markets software and services to financial institutions, much of it for use on
the SWIFTNet Network.
The majority of international interbank messages use the SWIFT network. As of April
2006 SWIFT linked almost 8000 financial institutions in 205 countries.
Formation of SWIFT

S.W.I.F.T. was formed when seven Major International Banks met in 1974 to discuss the
limitations of Telex as a means of secure delivery of payment and confirmation
information

Its headquarters are situated in La Hulpe, on the outskirts of Brussels
Who uses SWIFT?
Currently the following categories of organisation can access the service:

Banks
Trading Institutions
Money Brokers
Securities Broker Dealers
Investment Management Institutions
Clearing Systems and Central Depositories
Recognised Exchanges
Trust and Fiduciary Service Companies
Subsidiary Providers of Custody and Nominees
Treasury Counterparties
Treasury ETC Service Providers

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