2. Introduction
SWIFT is a member-owned cooperative through which the
financial world conducts its business operations with speed,
certainty and confidence. More than 10,500 financial
institutions and corporations in 215 countries trust them every
day to exchange millions of standardised financial messages.
This activity involves the secure exchange of proprietary data
while ensuring its confidentiality and integrity.
SWIFT is neither a Financial Institution nor a payment
system: SWIFT is solely a carrier of messages
3. SWIFT enables its customers to automate and standardise financial
transactions, thereby lowering costs, reducing operational risk and
eliminating inefficiencies from their operations. By using SWIFT
customers can also create new business opportunities and revenue
streams.
SWIFT has its headquarters in Belgium and has offices in the world's
major financial centres and developing markets.
SWIFT does not hold funds nor does it manage accounts on behalf of
customers, nor does it store financial information on an on-going basis.
4. History
Forty square metres of office space in the centre of Brussels, a handful of
people and an ambitious idea. Supported by 239 banks in 15 countries,
the Society for Worldwide Interbank Financial Telecommunication (SWIFT)
starts the mission of creating a shared worldwide data processing and
communications link and a common language for international financial
transactions. Carl Reuterskiöld is SWIFT’s first Chief Executive Officer.
5. History of SWIFT
1976 — First operating centres open
1977 — SWIFT goes live
1979 — Opening of North American operating centre
1980 — First Asian countries connect
1985 — Satellite communication enhances services
1991 — Smithsonian recognises SWIFT
6. Operations centers
The SWIFT secure messaging network is run from two redundant data centers, one
in the United States and one in the Netherlands. These centers share information in
near real-time. In case of a failure in one of the data centers, the other is able to
handle the traffic of the complete network.
SWIFT opened a third data center in Switzerland, which started operating in
2009. Since then, data from European SWIFT members are no longer mirrored to
the U.S. data center.
7. SWIFTNet
SWIFTNet is SWIFT internet protocol (IP) based messaging platform
SWIFTNet offers four messaging services:
SWIFTNet FIN
SWIFTNet Interact
SWIFTNet FileAct
SWIFTNet Browse
8. Training and Development Programme
To facilitate this development SWIFT University offers structures and monitored
training and development programmes:
Over 15 management and leadership development courses
Over 30 personal development training courses
Over 50 technical skills training courses
Over 10 sales and marketing courses
Over 30 SWIFT business courses