Search: SWIFT
RBA Glossary definition for SWIFT
SWIFT – Society for Worldwide Interbank Financial Telecommunication. A co-operative organisation that operates a network for the exchange of payment and other financial messages between financial institutions.
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Innovation and Technological Change in Financial Intermediation and the Payments System | Supplementary Submission to the Financial System…
13 Jan 1997
Submissions
Most foreign exchange (and some domestic securities) trades are confirmed and settled on the basis of messages sent over the SWIFT network which links financial institutions around the world.
https://www.rba.gov.au/publications/submissions/financial-sector/financial-system-inquiry-supplement-1997/innovation-and-technological-change-in-financial-intermediation.html