What is swift transfer in import and export trade.
Posted on
10 April 2023 Category : Export Import Terms
Swift transfer in import and export trade.
What is SWIFT payment? How does SWIFT payment work?
The elaboration of SWIFT is Society for Worldwide Interbank Financial Telecommunication
Society for Worldwide Interbank Financial Telecommunication is abbreviated as SWIFT. SWIFT extends service of network which enables banks and other financial organizations all over world to send and receive financial transaction information in a standardized, secured and reliable environment. SWIFT does not facilitate funds transfer; but SWIFT sends payment orders, which must be settled by correspondent
accounts that the institutions have with each other. SWIFT CODES means bank identification codes allotted to each bank all over world. SWIFT has been introduced after popular TELEX system service which had been used before 1990s.
The service of Telex is too slow and had no standardized format for the data it transfers, added up to an inefficient system apart from its insecurity. In order to solve the demerits of Telex services seven major international banks gathered together to discuss a suitable replacement of telex in the year 1974. After three years, in 1977, a society was formed and 230 member banks from 5 countries started operation of SWIFT. SWIFT has now more than 10000 members worldwide (more than 200 countries) handles more than 15 million messages daily.
Any financial institution who holds a banking license can become a member of SWIFT by paying a joining fee and service charge for each message sent.
Also read - How does Wire transfer work in international business? Difference between Swift and wire transfer Any difference between Wire Transfer and Telegraphic Transfer?
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