The SWIFT banking network (Society for Worldwide Interbank Financial Telecommunications) system, which was founded in 1973 for the purpose of establishing common processes and standards for financial transactions, powers most international money and security transfers. SWIFT powers the Petrodollar system. SWIFT is a vast messaging network used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions to resolve international transactions and balance of payments trade accounts.
SWIFT is a Limited Liability Company owned by its members, headquartered in Belgium, and has over 11,000 member banks and about 1,000 corporations worldwide.