The Society for Worldwide Interbank Financial Telecommunication (Swift) is a global network connecting banks to communicate messages about activities like money transfer in a safe and secure way, using a code.
If someone in India wants to send money to a person in the US, they would need the latter’s bank account number and the Swift code of the destination bank. The Swift code let’s the US bank know of the transfer in real-time and eases its clearing.
Swift payments are payments done through the network. Swift assigns each bank an eight- or 11-character long code, known as the bank identifier. It is similar to the IFSC code used for domestic inter-bank transfers, with Swift being used for international transfers.