What Is SWIFT? The Global Banking Network Powering Trillions In Payments | WION

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is the backbone of global banking communications. Connecting more than 11,500 financial institutions across over 200 countries, SWIFT enables banks to securely exchange payment instructions and financial messages. Contrary to popular belief, SWIFT does not actually move money. Instead, it functions as a highly secure messaging network that tells banks how and where funds should be transferred. From international wire transfers to cross-border trade and global finance, SWIFT plays a critical role in keeping the world's financial system connected. Here's how the network works and why it remains essential to global banking.

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