SWIFT stands for "Society for Worldwide Interbank Financial Telecommunication."
In relation to international transactions and remittances, SWIFT is an electronic messaging network of banks (majority), depositories, securities broker-dealers and non-bank corporations. SWIFT was formed as a banking transactional messaging network but has grown and is growing into a network that can be used in addition to other systems for transfers relating to the international remittance market.
To know what SWIFT is and and how it works it is beneficial to reference an overall description of SWIFT at the 9to5andOtherwise.com site.
Click part 1 and part 2.
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