Why SWIFT?

SWIFT is a worldwide network that was developed by the banking industry and was traditionally used exclusively by the banks to ensure secure, reliable exchange of financial messaging. However, just recently over the past 3-4 years, non-financial corporations were allowed to join the network and therefore reap the benefits of using this system.

Today, there are more than 600 non-bank corporations¹ on SWIFT and a total over 8,300 members. They have joined SWIFT to benefit from the following.

Key Benefits of using SWIFT for financial messaging:

Enables financial messaging exchange and transactions with any number of banks that are part of the SWIFT network.

Eliminates costs to develop and maintain multiple systems and protocols or working through banks manually for international transactions.

Secure, reliable, guaranteed messaging – because SWIFT is an industry standard for sending financial messages, all messages exchanged through the system are guaranteed to be delivered without third-party repudiation.

Centralized processing for fast communications at reduced transaction and operations costs.

Provides options for sending and receiving any file type, including SWIFT formats, but also ACH files (eg. payroll files) and other large bulk file payment transfers, over the SWIFT Network.

¹Source: SWIFT, May 2010