Required Documents for SWIFT Membership

SWIFT membership enables banks and other financial institutions to conduct international financial transactions in a safe and secure manner. To obtain a SWIFT membership, it is imperative to present relevant documents to the organization. The SWIFT Board of Directors reviews the submitted documents, essentially accepting or rejecting the application of a financial institution.

Documents for SWIFT Membership

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is considered to be a recognized organization that is trusted by individuals across the globe. It is a reputable organization that is trusted for its efficient and secure method. Banks that wish to offer their clients the opportunity to transact international payments and money transferring services are required to obtain a SWIFT membership.

To obtain SWIFT membership it is important to administer the relevant documents and file them with the specific authorities. The SWIFT Board of Directors determines the eligibility of each application and issues a certificate of membership provided the eligibility criterion is satisfied. The process of becoming a SWIFT member can be challenging and complex as there are various requirements to fulfill before the membership is granted.

The following documents are required when acquiring a SWIFT membership;

  • Original undertaking e-form duly signed.
  • Copy of operating banking license with English translation.
  • List of authorized signatures who have the authority to sign on behalf of the company.
  • Copies of ID cards and driving licenses for two of the security officers.

Once all these documents are compiled, the financial institution needs to complete the application for the SWIFT membership. After this, the process is quite simple as the SWIFT Board standardizes the documents and administers them, granting or declining the SWIFT membership.