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SWIFT

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ALSO CALLED: SWIFT (Messaging Format), Society for Worldwide Interbank Financial Telecommunication
DEFINITION: Founded in Brussels in 1973, the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) is a co-operative organization dedicated to the promotion and development of standardized global interactivity for financial transactions. SWIFT's original mandate was to establish a global communications link for data processing and a common language for international financial transactions. The  … 

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