#189 SWIFT (Society for Worldwide Interbank Financial Telecommunication)

"Swift payment" typically refers to a type of international financial transaction that uses the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. SWIFT is a messaging network used by banks and financial institutions around the world to securely and efficiently exchange information and instructions for international money transfers.
When someone mentions a "SWIFT payment," they are usually referring to a cross-border or international payment that is facilitated through the SWIFT network. Here's how it generally works:
Instruction: The sender's bank (also known as the correspondent bank) receives instructions from the sender to transfer a certain amount of money to a recipient's bank account in another country.
Message Creation: The sender's bank creates a secure SWIFT message that includes all the necessary details about the payment, such as the recipient's bank details, account number, the amount to be transferred, and any other relevant information.
Message Transmission: The sender's bank sends the SWIFT message to the recipient's bank through the SWIFT network. The message is transmitted securely and usually includes a unique reference number for tracking.
Recipient's Bank Processing: The recipient's bank receives the SWIFT message and processes the payment, crediting the recipient's account with the specified amount.
Confirmation: Both the sender's and recipient's banks send acknowledgments to each other via the SWIFT network to confirm that the transaction has been completed.
SWIFT payments are commonly used for a wide range of international financial transactions, including wire transfers, foreign exchange transactions, trade finance, and more. However, it's worth noting that SWIFT payments can sometimes be slower and more expensive compared to newer financial technologies like blockchain-based solutions and fintech services, which offer faster and more cost-effective cross-border payments.

www.antharas.co.uk/ companies website or top book distributors!
#BusinessStrategy
#Entrepreneurship
#Leadership
#Management
#Marketing
#Finance
#Startups
#Innovation
#Sales
#SmallBusiness
#CorporateCulture
#Productivity
#SelfDevelopment
#SuccessStories
#PersonalBranding
#Networking
#Negotiation
#BusinessEthics
#TimeManagement
#GrowthStrategies
#MarketAnalysis
#BusinessPlanning
#FinancialManagement
#HumanResources
#CustomerExperience
#DigitalTransformation
#Ecommerce
#SocialMediaMarketing
#BusinessCommunication
#ChangeManagement