SWIFT Network

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a cooperative messaging network connecting over 11,000 financial institutions in more than 200 countries. It does not move money itself; it carries standardised messages (MT or ISO 20022 format) that instruct correspondent banks to debit and credit accounts.

International wire transfers typically route through one or more correspondent banks using SWIFT messages, each adding fees and processing time. SWIFT's BIC (Bank Identifier Code) uniquely identifies each bank in the network.

SWIFT itself is secure, but fraudsters target the institutions that use it. The 2016 Bangladesh Bank heist involved fraudulent SWIFT messages ordering nearly $1 billion in transfers. For consumers, knowing your recipient's BIC/SWIFT code and IBAN is necessary for international transfers — but you should always verify these details through trusted sources, not emails.