SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a global messaging network that facilitates secure financial transactions. It's not a payment system itself, but rather a vital communication backbone for banks worldwide.
SWIFT is a global messaging network used by financial institutions to send and receive information about financial transactions securely. It was founded in 1973 in Brussels.
Before SWIFT, international bank transfers relied on Telex, which was slower and less secure. SWIFT revolutionized global finance.