What Is a SWIFT Code?

The Global Banking Financial Telecommunications Association (SWIFT), or the Global Interbank Financial Telecommunications Association, is an international inter-bank non-profit international cooperation organization that provides fast, accurate and excellent services for international financial services and operates world-class financial messages Networks, banks, and other financial institutions use it to exchange messages with their peers to complete financial transactions and also sell software and services to financial institutions.

Global Banking Financial Telecommunications Association

Society for Worldwide Interbank Financial Telecommunications (SWIFT), or translated as

"SWIFT aims to

At the time of construction, the entire network was designed only for operations between the treasury and its related banks; today, many other institutions are also allowed to access various services, although access is limited in some cases. Currently, users can be divided into the following categories:

* Banks

* Trading Institutions

* Short-term credit brokers (Money Brokers)

* Security Broker Dealers

* Investment Management Institutions

* Clearing Systems and Central Depositories

* Recognised Exchanges

* Trust and Fiduciary Service Companies

* (Subsidiary Providers of Custody and Nominees)

* Treasury Counterparties

* (Treasury ETC Service Providers)

Financial data transmission, file transmission, straight through process (STP), matching, clearing and net payment services, operation information services, software services, certification technical services, customer training, and 24-hour technical support worldwide.

Since its inception, SWIFT has played an active role in promoting the development of world trade, accelerating global currency circulation and international financial settlement, and promoting the modernization and standardization of international financial services with its efficient, reliable, low-cost and perfect services. Role. China's

Global Bank Financial Telecommunications Association opens representative office

SWIFT organized a representative office in Shanghai in November 2007 to focus on the development of the mainland China securities market. Ian Johnston, president of the Asia-Pacific region of the Global Banking Financial and Telecommunications Association, said that although the current operations of the Global Banking Financial and Telecommunications Association in Mainland China are still dominated by international trade payment services, securities business accounts for a relatively low proportion, but looking at the future 10 In 2014, the securities market in Mainland China will further develop vigorously. The Global Banking Financial and Telecommunications Association has decided to set foot in Shanghai in the near future and shift its business focus in Mainland China to the securities market.

According to Zhang Zhiwei, General Manager of China Region of the Global Banking Financial Telecommunications Association, the financial and securities services market in the Mainland of China is currently facing challenges such as inconsistent communication standards, barriers to international information communication, insufficient exchange of funds, and low degree of system automation. Many securities and fund companies have raised the need to reduce the complexity, risks and costs of domestic and overseas communication transactions.

So far, 227 financial institutions in mainland China have joined the Global Banking Financial Telecommunications Association, of which domestic and foreign banks and asset management companies each account for about half. In 2007, among the 205 countries and regions of the Global Banking Financial and Telecommunications Association's global market, the total business volume in the Chinese mainland market ranked 26th, with an annual growth rate of 26% higher than the average growth of the Global Banking Financial Telecommunications Association's global business by 8 percentage point.

"China will become one of the most important financial markets in the Asia-Pacific region, and the Global Banking Financial Telecommunications Association hopes to become one of the important financial services members.

Global Bank Financial Telecommunications Association Establishes Wholly Foreign-owned Enterprise

On the morning of January 16, 2019, the Beijing Municipal Government and the Global Interbank Financial Telecommunications Association (SWIFT) signed a memorandum of cooperation in Beijing. According to the memorandum of cooperation between the two parties, SWIFT will set up a wholly foreign-owned enterprise in Beijing to undertake business in China from the Belgian headquarters and provide localized services to Chinese users. After the establishment of the company, it will join the China Payment and Clearing Association and be supervised and managed by the People's Bank of China according to law. ^[1]