What is SWIFT, and how does it function in financial transactions?

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Accepted Answer

SWIFT is a messaging network used by financial institutions to securely and quickly communicate information for international transactions.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
It provides a secure messaging platform for financial institutions to communicate information such as payment instructions, confirmations, and statements.
SWIFT codes are unique identifiers assigned to each financial institution that is part of the network.
It enables banks to send and receive information about financial transactions in a standardized and secure manner.
SWIFT messages are encrypted to ensure confidentiality and authenticity of the information being transmitted.

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