Alright, check this out! So there’s this worldwide financial messaging network called SWIFT, short for Society for Worldwide Interbank Financial Telecommunication. It’s like the ultimate squad for financial institutions to share info about their money moves in a super secure and standard way. But hold up, it’s not a payment system itself, it’s more like a connector for financial institutions to exchange deets and instructions about their financial transactions.
Banks, brokers, and all those financial peeps use SWIFT to shoot messages back and forth about wire transfers, foreign exchange stuff, and all kinds of financial deals. It’s how they send payment orders, confirm payments, and chat about all things money.
Even though SWIFT isn’t a payment system per se, it’s got a big role in making sure loads of financial transactions and payments go smoothly between those financial big shots all over the globe. It’s like the ultimate middleman, makin’ sure everything’s on point!
