SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, which is a member owned cooperative, which is used by over 9,000 banking institutions, securities institutions and corporate customers, from 209 countries, for their standardized financial messages sending. The SWIFT system basically acts as a communications gateway that connects banks and other financial institutions to each other, and allows an easy form of interbank communication.
SWIFT membership is a vital tool for banks that wish to work with other banks from around the world. SWIFT membership is required if you wish to specialize in payment processing, wire transfer services and trade management. It makes it easier for transfers that are either sent to your bank from a bank account held in another bank, or for transfers sent from your bank to a bank account that is held in another bank.
Like a bank license, you need to apply for a SWIFT membership. You do not necessarily need to hold a full banking license for SWIFT membership; you can gain membership with a financial services license that is issued by a financial regulatory body. If you are looking at getting a full banking license, and are interested in dealing with different banks around the world, in order to facilitate payments to and from your bank, SWIFT membership is the fastest and easiest way for you to start international transfer operations.
If you are interested in obtaining an offshore banking license and SWIFT membership, and you are ready to start the application procedure for a banking license, please Contact Us.