SWIFT, also known as " Global Interbank Financial Telecommunications Association ", is an international cooperation organization among international banks. It was established in 1973. Most banks in most countries around the world have used the SWIFT system . The use of SWIFT enables banks to provide safe, reliable, fast, standardized, and automated communication services for settlement , which greatly improves the settlement speed of banks . As the format of SWIFT is standardized, the format of letter of credit mainly uses SWIFT message.
SWIFT (Society for Worldwide Interbank Financial Telecommunications --- Worldwide Interbank Financial Telecommunication), is an international inter-bank non-profit international cooperation organization based in Belgium, the Brussels , while switching centers were set up in Amsterdam and New York, USA (Swifting Center), and set up National Concentration for participating countries to provide fast, accurate and excellent services for international financial business. SWIFT operates a world-class financial message network through which banks and other financial institutions exchange messages with peers to complete financial transactions. In addition, SWIFT also sells software and services to financial institutions, most of which users are using the SWIFT network.
First contact: Chaos University's May 01, 2020 course [The pattern and trend of global economic development under the epidemic (Part 1)]