The “Society for Worldwide Interbank Financial Telecommunications” or SWIFT manages messaging and payments between banks and other financial services around the world. It is used to provide money transfer and other details together with payment and recipient details to ensure accuracy when moving money.
It was developed in 1974 and is used by nearly 10,000 financial service providers worldwide. Unfortunately, its age is starting to show! That’s why a new system called the “New Payments Platform” has been introduced that will radically improve the speed and efficiency of financial and transaction communications.