Overview#
Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables Financial Institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. Society for Worldwide Interbank Financial Telecommunication also sells software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362. Business Identifier Codes (BICs), previously Bank Identifier Codes) are popularly known as "SWIFT codes".Society for Worldwide Interbank Financial Telecommunication transports financial messages in a highly secure way but does NOT hold accounts for its members and does not provide any form of Funds Transfer System.
SWIFT is also Registration authority (RA) for the following ISO standards: [7]
- ISO 9362: 1994 Banking—Banking telecommunication messages—Bank Identifier Code
- ISO 10383: 2003 Securities and related financial instruments—Codes for exchanges and Market Identifier Code (MIC)
- ISO 13616: International Bank Account Number IBAN
- ISO 15022: 1999 Securities—Scheme for messages (Data Field Dictionary) (replaces ISO 7775)
- ISO 20022-1: 2004 and ISO 20022-2:2007 Financial services—Universal Financial Industry message scheme
