SaaS-Zahlungen

What is SWIFT?

Veröffentlicht: Oktober 3, 2025

What is SWIFT

What is SWIFT?

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global network that ensures the transmission of financial transaction data between banks and financial institutions.  

It utilizes its SWIFTNet for communications services, software, and infrastructure, but it does not hold funds, manage accounts, or finalize transactions. 

What is the history of SWIFT?

Here is an overview of SWIFT: 

  • Date: Launched in 1973 in Brussels by 239 banks from 15 countries. 
  • Zweck: Creaed to replace the Telex system, which was slow and error-prone. 
  • Wachstum: Increased through the 1980s to include broker-dealers, exchanges, and clearing organizations.
  • Today: Essential to global finance, connecting more than 11,000 institutions in over 200 countries.

Why is SWIFT dominant?

SWIFT is popular because:

  • Umfang: The global reach of this financial messaging network is extensive.k 
  • Security: Robust standards and trusted infrastructure 
  • Standardization: Universal, reliable message formats 
  • Innovation: New message types and reporting utilities
  • Network effect: Widespread adoption ensures stickiness and trust

How does SWIFT work?

Here is the three-step process of how SWIFT works: 

  1. Each institution receives a BIC (SWIFT code) identifying its name, country, city, and branch 
  2. Banks send standardized messages (payment orders, securities transactions, etc.) via SWIFTNet  
  3. SWIFT itself does not move money — transfers are executed by correspondent banks

What are SWIFT/BIC codes?

Here are some facts about SWIFT/BIC Codes: 

  • unique identifiers for banks and financial institutions 
  • format: 8–11 characters (bank code + country code + location code + branch code)  
  • used for international wire transfers and SEPA payments  
  • ensure accurate routing of cross-border payments

How long do SWIFT transfers take?

Typically, SWIFT transfers take 1–5 business days. However, on average, they last ~18 hours, with ~66% arriving within one day 

Delays may occur due to: 

  • intermediary banks 
  • destination country and time zones 
  • anti-fraud and compliance checks

What are SWIFT alternatives?

Alternatives to SWIFT seek to offer services with varied processing speeds, costs, or regional focus.: 

  • Ripple (XRP Ledger): Blockchain-based, near real-time payments 
  • SEPA: Quick, low-cost transfers within Europe 
  • National systems: e.g., Fedwire (U.S.), CIPS (China)

Funktion

SWIFT

Ripple (XRP Ledger)

SEPA

Gegründet

1973, Brussels

2012, U.S.

2008 (EU initiative)

Abdeckung

11,000+ institutions, 200+ countries

55+ countries, growing

36 European countries

Transaction Speed

1–5 business days (avg. ~18 hrs)

Seconds to minutes

Same-day or next-day

Kosten

Relatively high (intermediary fees)

Lower fees, but exchange volatility risk

Low-cost (within EU)

Settlement Method

Messaging only (correspondent banks)

Direct blockchain-based settlement

Traditional bank transfers

Hauptanwendungsfall

Global financial messaging standard

Real-time cross-border crypto payments

Euro transfers within EU/EEA

Regulation

Highly regulated, central bank oversight

Still evolving, mixed global regulation

EU financial regulations

Was ist Social Proof und wie lässt er sich auf SaaS anwenden?

SWIFT enforces strict security standards through its Customer Security Controls Framework (CSCF). 

Key measures include: 

These measures relate to the confidentiality, integrity, and availability of global financial messages.

Schlussfolgerung

SWIFT’s dimensions, security features, and claims of impartiality have relevance for its prevalence within global financial communication networks.

However, it is seeing increasing competition from blockchain-based solutions like Ripple and regional systems like SEPA.  The future of cross-border payments may be a hybrid approach in which SWIFT maintains global reach but quicker alternatives carve out niche markets.

Bereit anzufangen?

Wir haben die gleiche Reise hinter uns. Nutzen Sie unsere 18-jährige Erfahrung und verwirklichen Sie Ihre globalen Träume.
Mosaikbild
de_DEDeutsch