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SWIFT
SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication.
SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication. It is a secure, global messaging network that banks use to make electronic cross-border payments safely and conveniently. Most businesses use SWIFT to make wire transfers and accept payments from customers as SWIFT is the fastest way to make an international payment. Businesses or individuals may be asked for their SWIFT code, which would be a series of 8 to 11 numbers that identifies the bank the payment is to be sent to.
Related Glossaries
In-kind benefits
A benefit-in-kind (BIK) is any non-cash benefit of monetary value.
On-boarding
Mechanism through which new employees acquire the necessary knowledge to become a member.
Form 1099
A 1099 is another IRS form, most commonly used by employers when they hire contractors.
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