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society for worldwide interbank financial telecommunication (SWIFT)

SWIFT is an organisation of banks based in La Hulpe, Belgium, which operates an independent network for international payment transactions.

Banks from over 80 countries worldwide are connected to the SWIFT network. Banks are uniquely identified by the SWIFT code, which is also the name of the globally standardized Bank Identifier Code (BIC). The SWIFT network, which uses encryption, is used to process foreign exchange transactions, payment orders and securities orders, as well as to transmit financial and stock exchange news.

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Englisch: society for worldwide interbank financial telecommunication - SWIFT
Updated at: 24.10.2011
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