What is the SWIFT banking and payment system? How it works in 3 steps.

SWIFT is a long-established global financial messaging network that enables banks and other institutions to communicate payment instructions for international transfers, rather than moving or holding funds itself. Founded in Brussels in the 1970s, it standardized bank identification through SWIFT or BIC codes and now connects more than 11,000 institutions across 212 countries, supporting cross-border payments as well as compliance, cybersecurity, treasury, and market-infrastructure services. International transfers require sender and recipient details, the receiving bank’s SWIFT code, and often an IBAN, with funds typically routed through one or more banks and delivered in one to five business days. While SWIFT is valued for security, reliability, and global reach, transfers can incur transaction, intermediary, and foreign-exchange fees that may be difficult to predict. Its central role in international banking also gives it geopolitical significance, as sanctioned banks have been disconnected from the network under EU measures involving Iran, Russia, and Belarus. Although SWIFT remains widely used by banks, corporations, financial-market participants, and individuals, newer payment providers promote faster, lower-cost transfers through local payment rails and other alternatives.

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