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GLOSSARY

SWIFT

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SWIFT definition

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: Good to know for SMEs

SWIFT is particularly relevant for SMEs due to several key reasons:

  • Global Reach: SWIFT connects SMEs to over 11,000 financial institutions in more than 200 countries, enabling global transactions and supporting international trade and expansion.
  • Security and Reliability: SWIFT’s robust security and reliability ensure SMBs can conduct secure transactions, reducing fraud risk and ensuring accurate payments.
  • Standardization: Due to SWIFT’s standardized messaging system, SMBs benefit from consistent procedures when sending or receiving payments. This reduces errors and streamlines financial operations.
  • Efficiency and Speed: SWIFT enables faster processing of an international payment, helping SMBs manage cash flow and maintain strong business relationships.
  • Compliance and Transparency: SWIFT helps SMBs comply with international regulations and ensures transaction transparency, avoiding legal issues and maintaining regulatory compliance.

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.

Send and receive funds worldwide

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. 

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About amnis

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.

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