Additional security measures have been adopted, such as data encryption and intrusion detection system, to ensure the confidentiality and integrity of the data
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. Created in 1973 in Brussels (Belgium), it is the main international banking system, through which banks in different countries can transfer money in a secure way.
The SWIFT code, also known as BIC (Bank Identifier Code), consists of 8 to 11 characters that can identify financial institutions globally. Each code is unique and corresponds to the name of a bank, country, city, and branch. It is mandatory to enter the SWIFT/BIC code of the beneficiary’s bank when making an international money transfer, as well as the IBAN (International Bank Account Number), as this information ensures that your money goes to the right place.
More than 200 countries and 11,000 financial institutions use the SWIFT system. Since the codes only communicate data (bank identity of the sender and recipient) and do not have access to the money itself, they are a very secure way to manage international payments. Furthermore, additional security measures have been adopted, such as data encryption and intrusion detection system, to ensure the confidentiality and integrity of the data.
Despite the corresponding modernity in cash transfer technology, SWIFT remains the world’s leading international bank transfer system. Through it, more than 40 million messages between businesses and governments are sent every day, moving financial volume into the trillions of dollars. Even today, SWIFT guarantees secure financial transactions in international trade for all its members.
To mitigate the risks involved in international operations, Pryor Global’s BackOffice Outsourcing department offers the best and most modern solutions available in the market, as well as highly qualified and experienced professionals in the most diverse regulations. Contact us to learn more.