SWIFT is a member of most of the world’s banks

Answer

SWIFT is a global subsidiary of Worldwide Interbank Financial Telecommunication, which is based in Belgium and a member of most of the world’s banks. Its shares are owned by banks and international financial institutions.

The use of the (SWIFT) system provides many advantages,including rapid service delivery, reducing errors and blurred instructions,reducing the cost of dispatching correspondence by other means,ensuring the safety and performance security,maintaining information confidentiality and reducing the chances of fraud.
This system provides also:

  • Fast transfer of remittances and reach the beneficiaries
  • Provide the safety element
  • The system operates 24 hours

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