Swift

Society
For
Worldwide Interbank
Financial Telecommunications

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

 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.

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.

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

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.

SWIFTNet
 SWIFTNet is SWIFT internet protocol (IP) based messaging platform
 SWIFTNet offers four messaging services:
 SWIFTNet FIN
 SWIFTNet Interact
 SWIFTNet FileAct
 SWIFTNet Browse

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

Swift

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Swift