SWIFT (Society for Worldwide Interbank Financial Telecommunications) is an international system that deals with the transfer of information about payment processes in the banking sector. This enables financial institutions around the world to exchange the necessary information in a secure manner.
SWIFT system contains two types of messages:
A computer terminal, which is a device that provides access to the Central system, creates conditions for the transmission and receipt of information. All received messages are accumulated in RP (regional processor), from where they are distributed for processing. The obtained information goes through the following stages of filtering:
Result: The use of this type of payment system has created conditions for interbank payments in real time, also for elimination of losses of capital during the calculations and for more flexible liquidity management. This has created an enabling environment for more effective monetary policy based on a market economy, and has enabled banks to obtain timely and reliable information for tighter market control.