Society for Worldwide Interbank Financial Telecommunications

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A communications system that advises member banks to transfer funds from one member to another. Based in Brussels, the SWIFT network of terminals links over 8000 financial institutions in some 200 countries. It is not a payment system, but an information and instruction network. It began operations in 1977 and is run by a non-profitmaking organization.

Subjects: Financial Institutions and Services.

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