Society for Worldwide Interbank Financial Telecommunication (SWIFT)
➖ An international network for banks to facilitate smooth money transactions globally
➖ A messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transactions.
➖ Each participant on the platform is assigned a unique eight-digit SWIFT code or a bank identification code (BIC).
➖ Merely a platform that sends messages and does not hold any securities or money.
➖ Regulated by G-10 central banks of Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, the United Kingdom, the United States, Switzerland, and Sweden, alongside the European Central Bank.
➖ Its lead overseer is the National Bank of Belgium.
➖ The SWIFT oversight forum was established in 2012.
➖ The G-10 participants were joined by the central banks of India, Australia, Russia, South Korea, Saudi Arabia, Singapore, South Africa, the Republic of Turkey, and the People’s Republic of China.