The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global network that facilitates secure and standardized communication between financial institutions. Established in 1973, SWIFT provides a messaging platform that enables banks and other financial entities to exchange information related to international money transfers, securities transactions, and other financial operations.
The network is crucial for global finance, supporting cross-border transactions in more than 200 countries. It transmits payment instructions and other financial messages, ensuring they are delivered quickly, accurately, and securely across its member institutions worldwide. The SWIFT code (or BIC code) is a unique identifier used in international transactions to specify the recipient’s bank.
SWIFT is particularly relevant for SMEs due to several key reasons:
In summary, the higher fees of SWIFT payments can heavily impact the profit margins of SMEs. Therefore, SWIFT is an essential tool for SMEs involved in global trade, enabling them to compete effectively in the international market.
At amnis, we integrate various payment systems to offer SMEs optimal service. Through our local networks, we can process payments in local currencies in most countries and provide SWIFT transfers for fast cross-border transactions. You can send money to over 200 countries and receive funds from 180+ countries through SWIFT. The country list shows all countries where SWIFT transfers are available.
ACH, or Automated Clearing House, is a local payment route in the United States that facilitates electronic money transfers between banks. It requires a local bank account or the use of local payment providers. ACH payments enable financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard. It’s commonly used for direct deposits, bill payments and other bank-to-bank transfers within the United States.
amnis offers a comprehensive platform for international banking, offering a range of tools in one place. Transfer money abroad, exchange currencies 24/7 and collect international money transfer with your own IBAN accounts supporting 20+ currencies. Founded in 2014 in Zurich, amnis is a regulated payment institution under the supervision of the Banking Supervision Section in Liechtenstein (FMA) within the EEA.