SWIFT is a Belgian creation that rightly stands for ‘Society for Worldwide Interbank Financial Telecommunications’. It was initiated in 1973 with its headquarters in Belgium. The main reason behind its formation was the growing need for an internationally sound communications network that could facilitate business transactions across borders effectively, quickly, and securely. During the initial days of its formation it was linked to 239 banks across fifteen different countries. 2011 polling made SWIFT a world wide organization that facilitates communications between banks, corporations, and secure institutions. SWIFT communications today has grown as the standard for international banking transactions with rigorous utility every instant. A recent data research showed that SWIFT is used by more than eight thousand banking institutions today. They have been using the SWIFT messaging system for their transactions. It is spread across 208 countries around the globe.
What is the effectively factor behind Swift’s success? It is primarily the result of understanding and responding to the unique demands of a global market. The SWIFT system came up with fully automated standardized messages with increased efficiency. Thus leading to no data loss. SWIFT system provides security, reliability, and accuracy for international transactions – elements that are highly required its success.
SWIFT not only provides safe and secure messaging system for the financial world but also gives opportunities for companies to build revenue streams. It also offers a wide range of services outside the messaging field. A few of them includes directories, market information and market solutions.
SWIFT code may appear complicated but they actually are very easy to understand. The ‘MT’ at the beginning of the code stands for ‘Message Type’. And the number that follows indicates one of the many standardized message formats which is nothing but the SWIFT messaging system.