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Financial Institutions Software ISO 9362: Yawar Shah Gottfried Leibbrandt

SWIFT provides a secure network that enables financial institutions worldwide to send and receive information about financial transactions. It links over 9,000 financial institutions in 209 countries, exchanging an average of over 15 million messages daily. SWIFT transports messages securely but does not hold accounts or perform clearing or settlement. Each member institution must have correspondent banking relationships to exchange transactions.

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179 views1 page

Financial Institutions Software ISO 9362: Yawar Shah Gottfried Leibbrandt

SWIFT provides a secure network that enables financial institutions worldwide to send and receive information about financial transactions. It links over 9,000 financial institutions in 209 countries, exchanging an average of over 15 million messages daily. SWIFT transports messages securely but does not hold accounts or perform clearing or settlement. Each member institution must have correspondent banking relationships to exchange transactions.

Uploaded by

Abhishek Sarawagi
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network

that enablesfinancial institutions worldwide to send and receive information about financial
transactions in a secure, standardized and reliable environment. Swift also sells software and
services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362.
Business Identifier Codes (BICs) are popularly known as "SWIFT codes".
The chairman of SWIFT is Yawar Shah,
[1]
originally from Pakistan,
[2]
and its CEO is Gottfried
Leibbrandt, originally from the Netherlands.
[3]

The majority of international interbank messages use the SWIFT network. As of September 2010,
SWIFT linked more than 9,000 financial institutions in 209 countries and territories, who were
exchanging an average of over 15 million messages per day (compared to an average of 2.4 million
daily messages in 1995).
[4]
SWIFT transports financial messages in a highly secure way but does
not hold accounts for its members and does not perform any form of clearingor settlement.
SWIFT does not facilitate funds transfer; rather, it sends payment orders, which must be settled by
correspondent accounts that the institutions have with each other. Each financial institution, to
exchange banking transactions, must have a banking relationship by either being a bank or affiliating
itself with one (or more) so as to enjoy those particular business features.
SWIFT hosts an annual conference every year called SIBOS which is specifically aimed at
the financial servicesindustry.
SWIFT is a cooperative society under Belgian law and it is owned by its member financial
institutions. It has offices around the world. SWIFT headquarters, designed by Ricardo Bofill Taller
de Arquitectura are in La Hulpe, Belgium, near Brussels.

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