The SWIFT Money Transfer System - Deepstash
The SWIFT Money Transfer System

The SWIFT Money Transfer System

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 Society for Worldwide Interbank Financial Telecommunications (SWIFT) system. SWIFT 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.

26

484 reads

CURATED FROM

IDEAS CURATED BY

kallic

I'm passionate about music and cooking. Also my dog is named after a superhero.

The idea is part of this collection:

How To Build A Company

Learn more about moneyandinvestments with this collection

How to prioritize tasks effectively

How to manage your time efficiently

How to reduce stress and anxiety

Related collections

Similar ideas to The SWIFT Money Transfer System

The World Before SWIFT

The World Before SWIFT

Prior to SWIFT, Telex was the only available means of message confirmation for international funds transfers. Telex was hampered by low speed, security concerns, and a free message format. Telex senders had to describe every transaction in sentences that were then interpreted and executed by the...

Key Points

Key Points

  • Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a member-owned cooperative that provides safe and secure financial transactions for its members.
  • This payment network allows individuals and businesses to take electronic or card payments even if the customer ...

Depositing to an Offshore Bank Account

Depositing to an Offshore Bank Account

Offshore bank accounts are mostly funded electronically through international wire transfers. The systems that enable free electronic transfers common in domestic banking are typically not able to transfer money internationally.

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Personalized microlearning

100+ Learning Journeys

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates