Capterra Glossary
SWIFT (Society for Worldwide Interbank Financial Telecommunication)
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an organization based in Belgium that supports financial transactions between member banks and other financial service providers. It is also a messaging format that transfers electronic funds between bank accounts. SWIFT is a self-describing messaging format, which means it contains metadata that describes its contents.
What Small and Midsize Businesses Need to Know About SWIFT (Society for Worldwide Interbank Financial Telecommunication)
SWIFT messaging format allows SMBs to accept electronic payments even if a customer or vendor uses a different bank than them. It provides businesses with transparency as these payments detail the financial amounts involved in a transaction, the route the payment takes to reach the recipient's bank, and any charges incurred along the way.
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