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The Society for Worldwide Interbank Financial Telecommunication (Swift), legally S.W.I.F.T. SC, is a cooperative established in 1973 in Belgium (French: Société Coopérative) and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. [2]
SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles the registration of these codes. Because SWIFT originally introduced what was later standardized as Business Identifier Codes (BICs), they are still often called SWIFT addresses or codes.
It is a wholesale market through which most currency transactions are channeled. It is mainly used for trading among bankers. The three main constituents of the interbank market are: the spot market; the forward market; SWIFT (Society for World-Wide Interbank Financial Telecommunications) The interbank market is unregulated and decentralized.
SWIFT, or the "Society for Worldwide Interbank Financial Telecommunication", is a secure messaging system that facilitates rapid cross-border payments, making international trade flow smoothly.
The logo of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is seen in Hong Kong in 2022. (Getty Images) (NurPhoto via Getty Images)
The Clearing House Interbank Payments System (CHIPS) is a United States private clearing house for large-value wire transfer transactions. [ 1 ] As of late 2024, it settles approximately 500,000 payments totaling US$1.8 trillion per day. [ 2 ]
The Cross-Border Interbank Payment System has just 75 members and processes only a fraction of the transactions that SWIFT handles; most major cryptos jump even as the Russian invasion intensifies.
The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency.