XTRAS: As the world’s leading financial messaging network, SWIFT recorded an average of 42.1 million messages per day in January of 2021
Ever asked the question "How the internationaltransactions are done accurately?"
Well, here is theanswer-SWIFT. "Society for Worldwide InterbankFinancial Telecommunications" (SWIFT) handlesmost of the international transactions. SWIFT was founded in Brussels in1970s and came into act by 1977.Six international bank joined handstogether to form SWIFT and it wasestablished to operate on a globallevel with securely and timelyfashion.
SWIFT was created to communicate about treasury and correspondent transaction only. Seeing the success and usability of messaging platform it expanded its horizon into international transactions. Few of its customers are:
• Asset management companies Banks
• Broker dealers Clearing systems
• Corporates Depositories
• Foreign Exchange Money brokers and Security
• Non-banking financial institutions Treasury market participants
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