What is SWIFT? SWIFT Review, Features

SWIFT is managed by the Society for Worldwide Interbank Financial Telecommunication. The use of SWIFT provides safe, reliable, fast, standardized and automated communication services for bank settlements, thereby greatly improving the bank's settlement speed.

About SWIFT

SWIFT letter of credit refers to any letter of credit opened or notified through the SWIFT system. In international trade settlement, SWIFT letter of credit is formal, legal, accepted by all parties to the letter of credit, and is an internationally accepted letter of credit.

SWIFT’s Vision

• As a neutral and trusted infrastructure provider to the financial industry, we help a community of more than 11,000 institutions to reliably and securely transfer value around the world. As we expand the scope of our work, we are also evolving how we deliver it.
• Now, we're taking another leap forward - fundamentally transforming payments and securities processing to help our clients meet the complex challenges they face today and prepare for the future.
• Over the next two years and beyond, we will deliver an exciting strategic roadmap for our global community and extend SWIFT’s capabilities beyond financial messaging to provide a platform for comprehensive transaction management services.

Advantages

• SWIFT is how the world moves value. We do it every moment of every day, around the world. No other organization can match the scale, precision, speed and trust that this requires.
• SWIFT is unique. We were founded to find a better way for the global financial community to create value – a reliable, secure, dependable way that society can trust completely. We evolve in an ever-changing environment without undermining that trust. For nearly five decades, our vibrant community has reflected the complexity and diversity of the financial ecosystem.