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Why was the SWIFT/BIC code system created?

The SWIFT system (The Society for Worldwide Interbank Financial Telecommunication) system was created with the purpose to ensure a standardisation and security of international payments. In fact, SWIFT is a sort of network that allows different banks to exchange electronic messages among each other. Because all SWIFT messages have a standardized format, it helps to avoid confusion in the communication between banks in different parts of the world. Thanks to SWIFT payment procedures became more simple and faster, decreasing the risk of error.

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