SWIFT

Society for Worldwide Interbank Financial Telecommunication

      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.

      Related Terms:

Bitcoin
Network
SEC

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