SWIFT

SWIFT is a member-owned cooperative that operates a secure network for standardized financial messages between institutions worldwide. It transmits instructions and information, not the funds themselves.

SWIFT FIN: SWIFT FIN is the messaging service used to exchange structured financial messages between institutions. It carries many traditional SWIFT payment instructions in standardized message formats.
Financial message: A financial message is structured information exchanged to support a transaction or financial service. SWIFT's network carries these messages rather than transferring money.
Society for Worldwide Interbank Financial Telecommunication: The Society for Worldwide Interbank Financial Telecommunication is the cooperative organization known by the acronym SWIFT. Its founding organization established the network and governs its cooperative structure.
Cross-border payment: A cross-border payment transfers value between parties located in different countries. SWIFT messaging coordinates many bank-to-bank instructions for international payments.
International sanctions: International sanctions are restrictions imposed by states or international bodies to influence behavior across borders. Excluding institutions from SWIFT can restrict their access to widely used financial messaging channels.
ISO 20022: ISO 20022 is an international standard for financial messaging that defines common data models and message structures. SWIFT supports ISO 20022 messages for richer, more consistent financial data.
Payment system: A payment system is a set of institutions, rules, and infrastructure for transferring monetary value. SWIFT supports payment systems but is not itself a system that settles funds.
Brussels: Brussels is the capital of Belgium and a major center of European institutions. SWIFT was established in Belgium and is headquartered in the Brussels region.
Trade finance: Trade finance comprises financial products and services that support domestic and international trade. Banks use SWIFT messages to exchange documentary-credit and trade-finance information.
Financial connectivity: Financial connectivity is the ability of institutions to exchange information and transact across financial networks. SWIFT's broad membership makes it a major channel linking institutions across countries.

Linked from 5 pages