SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a secure messaging network used by banks and financial institutions worldwide to facilitate international money transfers.

Established in 1973, SWIFT replaced the outdated Telex system by introducing a standardized way for banks to exchange payment instructions. 

Today, it serves over 11,000 institutions across more than 200 countries. Each bank on the SWIFT network is assigned a unique SWIFT code or BIC (Bank Identifier Code) to ensure transactions are routed correctly. 

While SWIFT itself does not transfer money, it enables banks to securely communicate and verify financial transactions.