SWIFT is the acronym that is used for Society-for-Worldwide-Interbank-Financial-Telecommunication.
The “Society for Worldwide Interbank Financial Telecommunication” is the standard electronic network that used by financial institutions for the secure transmission of information.
SWIFT was initially created as a solution to cross-boarder payments back in the 1970’s. Today it spans over 200 countries and includes over 11,000 institutions.