
SWIFT(“Society for Worldwide Inter-bank Financial Telecommunication”) provide secure mechanisms for electronic interbank messaging and funds transfer. SWIFT messages are used to conduct business between transactional partners. Not all SWIFT members are financial institutions. An ordinary corporate can join SWIFT and send messages including MT101. An MT101 would be a very secure and normally high value version of a payment request. Just like a private citizen might use their internet banking to request the bank pays their land lord. If, however you are an airline and you need to pay your fuel bill in an unstable part of the world you would use an MT101. It is said that SWIFT has never had its security compromised. If this is true it is very impressive.
The SWIFT system was established in the early 1970’s by a group of European banks who until that time had been conducting business together via telex and courier. Each type of SWIFT message is pre-defined and follows a “format specification”. All SWIFT messages must adhere to these established forms or they will be rejected by (a) the central SWIFT system or (b) the receiving bank. There are nine (9) SWIFT message categories with multiple message types in each category.
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