In 1973, 239 banks from 15 European countries and North America established the Society for Worldwide Interbank Financial Telecommunications – SWIFT for the purpose of establishing the international network for transmission of information between financial organizations. Today SWIFT is a leading international organization in the area of financial telecommunication, providing operational, safe and absolutely reliable transmission of financial communications across the world. Nowadays the users of SWIFT are more than 7000 largest banks and financial organizations, such as broker companies, securities companies, stoch exchanges, central depository offices, etc. from 198 countries worldwide.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) was established for improvement of interbank settlements. The main goal of establishment of SWIFT is to provide an opportunity for working of all its parties within 24-hours high-speed network of communicaton of banking information.