SWIFT is and acronym for Society for World wide Interbank Financial Telecommunication. SWIFT is a private international telecommunication network. It had is beginning in Belgium in 1973. Through hard work and international co-operation and co-ordination, SWIFT because operational on May 9,1977.
Since its beginning, SWIFT has grown rapidly. As at today, there are more than 300 institutions which re members of SWIFT, located in practically every part of the world.
Generally, members use the SWIFT system to transmit international payments, transfers of funds, special message involving international finance, foreign exchange, deposits, loans, collections, securities, documentary credits and so on. Members have achieved tangible and monetary benefits through the SWIFT network, such as reduced operating costs, security, confidentiality and privacy, increased productivity, reduced risk of clerical and other errors, and effective funds management.