SWIFT SYSTEM IN BANKING
Keywords:
KEY WORDS: International transaction , SWIFT users, competitors .Abstract
In today’s world , transferring money overseas is not difficult. Today it is easy to walk into a bank and transfer money anywhere around the globe , but how does this happen . Behind most international money and security transfers is the SWIFT system . SWIFT ( Society for Worldwide Interbank Financial Telecommunication ) is a vast messaging network used by banks and other financial institutions to quickly , accurately , and securely send and receive information , such as money transfer instructions . More than 11,000 SWIFT member institutions sent over 35 million transactions per day through the network in 2020 . The organization recorded an average of 42,5 million messages per day on a year-to-date (YTD) basis in March 2021 . Traffic grew by 9,8% compared to the same period of the previous year . Also there are alternatives to continue International transaction .
References
Resourse list:
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