Some people may not deal with SWIFT transfers on the daily basis. But those who work in the banking industry or have anything to do with interbank payments and money transfers, including international ones, certainly know about it.
What is a SWIFT transfer?
The Society for Worldwide Interbank Financial Telecommunication was established under Belgian law and covers over 10,000 members from 210 countries (as of October 2014). The main office is located in Brussels.
SWIFT is the largest international system, which allows you to safely make money transfers abroad to foreign bank accounts of individuals and legal entities with top security.
Besides the high level of security, a SWIFT transaction has several advantages not available to senders of funds through international money transfer systems. First, the client has the opportunity to choose the currency of the transfer independently. Secondly, for the recipient – an individual does not need to spend time to receive a transfer (except when there is a need to cash the transfer). One of the advantages of this system is that the transfer can be made to the client’s account in almost any bank in the world.
Using SWIFT in payment systems
We will consider the use of a SWIFT transaction on the example of the user’s online account of the payment system Genome. The payment system operates in Europe. No need to worry about the recipient, regardless of whether have an open account in Genome or not. They will receive the money to, for example, their eWallet, bank account, etc.
The known security of a SWIFT transaction is also maintained. In addition, genome.eu provides another level of security based on SCA tools.
You will have to enter the recipient’s full name. The next step is to specify a BIC/SWIFT code. The last piece of information you need to send money to the eWallet is the beneficiary’s IBAN. This is it. You confirm the SWIFT transaction and the recipient will receive the money.