The meaning of the abbreviation SWIFT is Society for Worldwide Interbank Financial Telecommunication. It is a company borne by financial institutions. SWIFT operates an international, highly available, secure communications network and offers products and services that enable customers to exchange financial messages securely and quickly. The operating centers are in the USA, the Netherlands, and in Switzerland. In addition to payment traffic transactions, the SWIFT network is also used for messages in connection with document transactions, currency transactions, and especially securities transactions. To prevent misunderstandings and interpretation difficulties, addresses, currency designations, and message texts are subject to standardization (the internationally recognized SWIFT standard). valantic offers consulting in the SWIFT sector.
SWIFT has decided to postpone the start of the upcoming ISO 20022 migration by one year, to November 2022. What does this mean for the financial industry?