Society for Worldwide Interbank Financial Telecommunications
Society for Worldwide Interbank Financial Telecommunications : SWIFT is a cooperative organized under Belgian law, with headquarters in La Hulpe, near Brussels. SWIFT provides communications services to the international banking industry, including payments and administrative messages and, more recently, securities settlements. Traffic in 1991 was about 362 million messages. SWIFT is owned by the member banks -- approximately 1,600 -- including the central banks of most countries. The U.S. Federal Reserve is not a member, but participates in certain types of payments. Securities brokers and dealers, clearing and depository institutions, exchanges for securities, and travellers checks issuers also participate in SWIFT. SWIFT was organized in 1973 and started operations in 1977
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