What is the SWIFT messaging system?
S.W.I.F.T. (“Society for Worldwide Inter-bank Financial Telecommunication”) provides mechanisms for electronic inter-bank messaging and funds transfer. SWIFT messages are used legitimately to conduct business between transactional partners. The SWIFT system was established in the early 1970’s by a group of European banks who until that time had been conducting business together via telex and courier. SWIFT provides for a number of different message types and purposes. Each type of SWIFT message is pre-defined and follows a specified format. All SWIFT messages must adhere to these established forms or they will be rejected by the receiving bank. There are nine (9) SWIFT message categories with multiple message types in each. View SWIFT message types.
S.W.I.F.T. (“Society for Worldwide Inter-bank Financial Telecommunication”) provides mechanisms for electronic inter-bank messaging and funds transfer. SWIFT messages are used legitimately to conduct business between transactional partners. The SWIFT system was established in the early 1970’s by a group of European banks who until that time had been conducting business together via telex and courier. SWIFT provides for a number of different message types and purposes. Each type of SWIFT message is pre-defined and follows a specified format. All SWIFT messages must adhere to these established forms or they will be rejected by the receiving bank. There are nine (9) SWIFT message categories with multiple message types in each.
