SWIFT

SWIFT is a global network that enables banks and other financial institutions to securely and reliably exchange messages for payment and securities transactions between different countries and currencies digitally. It provides an indispensable infrastructure for global cross-border payments.

About SWIFT

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a cooperative organization founded in 1973 and based in Belgium. SWIFT manages the global network through which more than 11,000 banks, securities traders, and other financial institutions can exchange messages for and about transactions. SWIFT plays a particularly important role in cross-border transactions between different currencies.

SWIFT does not process payments or securities itself. It provides the technical infrastructure, security, and messaging standards that enable financial institutions to exchange messages for cross-border transactions securely and reliably. This makes SWIFT an indispensable link in the international financial market infrastructure.

SWIFT in practice

The following types of messages, among others, are sent via the SWIFT network:

Cross-border payment orders (cross-border payments)
Orders for securities transactions (settlement and custody)
Messages for treasury and trade finance
Reports and communications between central banks

SWIFT is the primary communication channel for international payments outside SEPA. When a customer transfers an amount to an account holder in another currency area, the message traffic between the payment service providers involved (such as banks) almost always runs via SWIFT.

SWIFT and ISO 20022

Since 2023, SWIFT has supported the ISO 20022 standard for financial messages in addition to its own MT message standard. Since November 2025, ISO 20022 has been the global SWIFT messaging standard for interbank payments and reporting.

This transition provides:

richer and more structured data
better compliance options for customer and anti-money laundering checks
better automation in the chain

The migration to ISO 20022 is fundamentally modernizing global payments.

SWIFT in the Netherlands

Dutch banks and financial institutions are connected to SWIFT and use the network primarily for payments and securities transactions to and from countries outside Europe.

The Dutch Payments Association helps its members with the migration to ISO 20022 and the introduction of new SWIFT services, among other things.