SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication. The
Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables
financial institutions worldwide to send and receive information about financial transactions in a
secure, standardized and reliable environment. SWIFT also sells software and services to financial
institutions, much of it for use on the SWIFTNet network, and ISO 9362. Business Identifier Codes
(BICs, previously Bank Identifier Codes) are popularly known as "SWIFT codes".
not facilitate funds transfer: rather, it sends payment orders, which must be settled by
correspondent accounts that the institutions have with each other. Each financial institution, to
exchange banking transactions, must have a banking relationship by either being a bank or
affiliating itself with one (or more) so as to enjoy those particular business features.
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