Definition
A secure global messaging network that banks use to exchange standardised financial instructions, including international payments and letters of credit. Each member institution has a unique SWIFT/BIC code used to route cross-border transfers. South African banks rely on SWIFT to settle import and export payments with foreign correspondent banks.
Frequently asked questions
What is SWIFT (Society for Worldwide Interbank Financial Telecommunication)?
A secure global messaging network that banks use to exchange standardised financial instructions, including international payments and letters of credit. Each member institution has a unique SWIFT/BIC code used to route cross-border transfers. South African banks rely on SWIFT to settle import and export payments with foreign correspondent banks.
Which glossary terms are related to SWIFT (Society for Worldwide Interbank Financial Telecommunication)?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a procurement term in the South African import/export industry. Related terms in the same area include Advance Payment, Bank Guarantee, CSD (Central Supplier Database), Designated Sectors, Documentary Collection — each has its own plain-English definition in the TradeCaravan glossary.