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SWIFT stands for Society for Worldwide Interbank FinancialTelecommunications and is an integral part of global finance. To address these inefficiencies, 239 banks from 15 countries collaborated in 1973 to form SWIFT , aiming for a standardized global transaction protocol.
This is the world of the digital age we live in, where boundaries between people, places, and businesses are becoming increasingly blurred, giving way to new forms of communication, collaboration and commerce. For example, an Indian fashion house that sells luxury Indian clothing and apparel to the UK would receive an export payment.
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