SWIFT
The Society for Worldwide Interbank Financial Telecommunication was established in 1973 in Belgium as an industry-owned co-operative. SWIFT provides secure and reliable messaging between financial institutions worldwide. Set up to provide a global and highly secure telecommunications network to exchange messages between financial institutions, it has offices in 15 countries. In 2001, it had over 7,455 live users in 196 countries and carried 1,534,000,000 messages.
SWIFT is made up of three categories of users—members, submembers, and participants. Full-fledged members must also become shareholders. Banks, eligible broker/dealers, and regulated investment managers may qualify as members. Member-owned financial organizations (ownership or ...
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