Society for Worldwide Interbank Financial Transactions (SWIFT)
Definition
A non-profit organization developed by European bankers to provide a secure international communication system between banks. SWIFT has also developed a list of bank identifier codes (BIC) which are assigned to any bank involved in international money transfers. A SWIFT code identifies the name of the bank and the city and country in which the branch is located. Also called Society for Worldwide Interbank Financial Telecommunications.
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