SWIFT is the Society for Worldwide Inter-bank Financial Telecommunication, a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. Over 8,300 banking organizations, securities institutions and corporate customers in more than 208 countries trust SWIFT every day to exchange millions of standardized financial messages.
SWIFT provides the proprietary communications platform, products and services that allow its customers to connect and exchange financial information securely and reliably. It also acts as the catalyst that brings the financial community together to work collaboratively to shape market practice, define standards and consider solutions to issues of mutual interest.
SWIFT enables its customers to automate and standardize financial transactions, thereby lowering costs, reducing operational risk and eliminating inefficiencies from their operations. By using SWIFT customers can also create new business opportunities and revenue streams.
SWIFT has its headquarters in Belgium and has offices in the world's major financial centers and developing markets.
SWIFT is solely a carrier of messages. It does not hold funds nor does it manage accounts on behalf of customers, nor does it store financial information on an on-going basis. As a data carrier, SWIFT transports messages between two financial institutions. This activity involves the secure exchange of proprietary data while ensuring its confidentiality and integrity.

SWIFT was formed more than 35 years ago by 239 banks in 15 countries mostly because of:
The need to reduce costs: payment and cash management businesses (except in Asia) are growing slowly and revenue per transaction is declining. SWIFT provides reach, reusability and standardization to help reduce your costs.
The need to reduce fraud and risk: customers are facing new regulation and industry initiatives such as SEPA and TARGET2 which demand high investments and squeeze margins. SWIFT can help with the regulation and we offer security and reliability to help you reduce your operational risk.
The ability to create new revenue streams: as commoditization continues, one way to distinguish oneself in the market is through superior customer service. SWIFT supports this with solutions like Exceptions and Investigations and Workers’ Remittances.
Globalization of the supply chain: customers need cross border payments and trade finance solutions. SWIFT offers both, including the industry-leading Trade Service Utility. (www.swift.com)
Bank Keshavarzi of Iran joined SWIFT in 2000 and holds five shares in the society.