Full Form of SWIFT:
Society for Worldwide Interbank Financial Telecommunication
SWIFT Full Form is Society for Worldwide Interbank Financial Telecommunication. SWIFT is a cooperative and interactive network that is related to the exchange of payment information for financial institutions located across the globe. It operates, supervises, and exchanges information about transactions in a very secure and trustworthy medium that is utterly standardized. Carl Reuterskold was the first CEO of SWIFT. Founded in 1973 and headquartered in Belgium, SWIFT mainly operates in the sectors of finance and telecommunication.
Its operations are mostly related to transmission of messages, standardization of codes and schemes for messages, allocation and use of connecting software services among financial institutions like brokers or dealers, banks, and investment managers. The messages are concerned with 4 key sectors namely cash management, securities, trade services, and securities. SWIFT does hold any financial funds or manages any account related to the clients.
It began its journey with the co-operation of 15 countries, and now SWIFT operates in about 210 countries across the globe. Over 9000 financial institutions are registered as members of SWIFT. It has its operational offices in a number of nations. SWIFT uses advanced and modern IP network facilities. As this organization keeps track and record of almost all financial transactions, governments can use this system to trace any corruptive, unsocial and terrorist activity, and also stop any suspected financial activity.
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