The system mainly provides communication services, and specially delivers all kinds of information related to the exchange for its member financial institutions. After receiving this information, the member banks will forward it to the corresponding fund transfer system or clearing system, which will then carry out various necessary fund transfer processing. As the format of SWIFT is standardized, the current letter of credit format is mainly SWIFT message.
Extended data:
Swift is headquartered in Brussels, Belgium, with exchange centers in Amsterdam, the Netherlands and new york, USA, and hub centers in participating countries, providing fast, accurate and excellent services for international financial business.
SWIFT operates a world-class financial message network, through which banks and other financial institutions exchange messages with their peers to complete financial transactions. In addition, SWIFT also sells software and services to financial institutions, and most of its users are using the SWIFT network. SWIFT aims to provide its members with low-cost and efficient customs clearance services in all financial markets to meet the needs of member financial institutions and their end customers.
Baidu encyclopedia -swift