As a global standard for secure financial messaging, SWIFT connects more than 11,000 financial institutions in over 200 countries and territories. These codes identify each bank involved in the transfer process and ensure the money reaches the right destination. In a SWIFT payment, banks use standardized SWIFT codes to send and receive unique money transfer instructions to each other, enabling them to make secure, cross-border transactions. SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, is a messaging network used by financial institutions worldwide to securely send and receive information, such as money transfer instructions. What is a SWIFT payment?Ī SWIFT payment is an international wire transfer sent via the SWIFT international payment network. It's important to use the correct SWIFT code when performing international money transfers as it ensures the funds reach the correct destination.
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