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SWIFT

SWIFT is the Society for Worldwide Interbank Financial Telecommunications. This is a Belgian organization, founded in 1973 in response to global demand for more efficient and effective means of communicating between banks in different countries. The SWIFT messaging system is a series of standardized messages which have authority in over eight thousand banks in over two hundred countries.

SWIFT Codes

There are a great many SWIFT codes which correspond to various types of message. A SWIFT code is normally made up of the letters 'MT', and then a three digit number. The 'MT' simply stands for 'message type', and the numbers correspond to a certain type of SWIFT message. For obvious reasons these numbers are standardized globally and do not change between countries.

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Q: What is swift or swift messaging system?
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Related questions

What is the difference between MT799 MT760?

MT 760 and MT 799 are standardised type of messages used in SWIFT messaging system. Swift is an an acronym for Society for Worldwide Interbank Financial Telecommunication. It ensures providing infrastructure for banks and financial institutions for secured messaging system. The system has for the sake of standardisation, categorised the messages based on transactions and has allotted codes for easy identification. MT 760 stands for messages transmitted for stand by letter of credit or guarantee transactions. MT 799 stands for free messaging information without reference to any standardised category.


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Clyde Fixmer is the author of various technical books, including "SWIFT Fundamentals: Using the SWIFT Messaging Service." He is known for his expertise in financial messaging systems.


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The acronym SWIFT stand for Society For World Interbank Financial Telecommunication. SWIFT is a non profit messaging service type organization with its headquarters located in belgium. SWIFt offices are found in developing markets and also in the world's major financial centers. SWIFT is member owned and its membership consists of financial institutions. SWIFT was originally created as a security measure for interbank communications and transfer of funds and securities. Hope this helps.


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