SWIFT
Definition
Society for Worldwide Interbank Financial Telecommunications. Global communication network that facilitates 24-hour secure international exchange of payment instructions between banks, central banks, multinational corporations, and major securities firms. A member owned cooperative organized in 1977 under Belgium law, it now includes over 6,500 participating members from more than 180 countries which together process in excess of a billion messages every year (about 300 million messages every day). See also chips.
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SWIFT is in the Banking, Commerce & Finance and International Trade & Relations subjects.
SWIFT appears in the definitions of the following terms: Bill Of Lading Electronic Registry Organization (BOLERO) and Clearing House Interbank Payments System (CHIPS)
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