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SWIFT is the society for worldwide Interbank Financial Telecommunication, a strategic, global member-owned cooperative and the world’s leading provider of secure financial messaging services.
Founded in 1973, it was created in order to replace the older telex system. SWIFT connects over 11,000 banks and financial institutions in over 200 countries and is governed by the G-10 central banks, meaning those of Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, United Kingdom, United States and Switzerland.
The central banks of other major economies also play an important role in SWIFT, including those of Australia, China, Hong Kong, India, Korea, Russia, Saudi Arabia, Singapore, South Africa, and Turkey. SWIFT is crucial to the functioning of the global economy, allowing it to run smoothly through secure financial messaging between banks all over the world, and -amongst other things- easing secure international money transfers.
What is a SWIFT Code?
A SWIFT code is an alphanumeric code to identify specific banks around the world. It is a type of Bank Identification Code (BIC), and the two terms are often used interchangeably.
SWIFT codes are used to identify the recipient’s bank network, and when used together with other information like Bank identifiers and account numbers, they can verify exactly where transferred money should be deposited.
Entering a SWIFT code allows for the faster and easier exchange and deposit of currency around the world.
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Bio
My professional background is in the IT field since I studied Computer Science. I enjoy reading a variety of other subjects, including social sciences, History, and Law. I have professional translation experience in the legal and business fields, and previously served as a freelance translator for Tech companies in Ethiopia.
Keywords: If you are in need of translation in different Ethiopian languages I am here to help. Native speaker of Amharic from Ethiopia based in Malaysia.