Why obtain SWIFT Membership

SWIFT is a global network that enables standardized financial transactions to be conducted in a secure and reliable manner. There are an estimated 9,700 financial entities that hold SWIFT membership in over 207 countries worldwide.

Reasons to Obtain a SWIFT Membership

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a system that facilitates financial entities and banks to process and transact international payments through bank wires. There are a number of reasons for acquiring a SWIFT membership, some of which are outlined below:

Lower Cost

All payments made through SWIFT are automated therefore the cost is much lower. There is a set rate that all entities of SWIFT must adopt.

Reduces Risk

As SWIFT is a highly reputable and renowned financial network, there is less risk when transferring payments through this system.

Highly Efficient

Due to constant developments, the SWIFT system is continuously being improved to match industry standards, thus increasing efficiency.

Business Opportunity

SWIFT membership attracts clients who wish to transfer money across the globe; it is a recognized method of transferring funds.

There is a specific criterion that must be satisfied in order to become a SWIFT membership holder. Banks and other financial institutions who wish to become SWIFT members must submit relevant documents and provide the necessary information to the SWIFT governing authority. The services a bank offers are dependent on the type of license it has acquired, thus most license holders acquire a SWIFT membership as it favors them.

Provided that you fulfill the specification, any financial institution can attain the SWIFT membership. To successfully complete the SWIFT membership application, it is advised to enlist the services of a professional consultancy firm.

Starting Business boasts a wealth of knowledge with regards to obtaining a SWIFT membership as an offshore banking entity. For information about our services and how we can assist you, please view our SWIFT Membership service page.