SWIFT
Category: Payments
Definition (plain English)
SWIFT is the global bank messaging network used to route many cross-border payment instructions through bank identifiers and payment messages.
Why it matters commercially
SWIFT/BIC details must match the beneficiary bank and route, otherwise deposits and balance payments can be delayed, recalled, misapplied, or flagged for compliance review.
Example
Finance held a supplier balance payment because the SWIFT/BIC in the proforma did not match the bank confirmation received during callback verification.
Common mistake
Reusing old bank instructions or trusting emailed SWIFT details without confirming beneficiary name, bank country, intermediary bank, and account-change approval.
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