SWIFT (an acronym for Society for Worldwide Interbank Telecommunications) has long been a mainstay of international payments. In most instances, international bank payments are made through the SWIFT network, which is a secure global messaging system. Rather than move money itself, SWIFT provides the payment orders or codes to action a payment. In other words, SWIFT is a communication system for international transfers between banks. To send a SWIFT payment requires a precise financial address that includes an IBAN number, a BIC/SWIFT code and the recipient’s banking details. SWIFT is aiming to transform cross-border payments with its Global Banking Initiative (known as SWIFT gpi), a new standard in global payments that will increase speed and security.