SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. The majority of international interbank messages use the SWIFT network, and SWIFT bank identification codes are routinely used by consumers to identify the recipient bank in wire transfers.

According to the SWIFT press release, the global payments innovation initiative could dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments. The initiative, designed in collaboration with the payments industry, will enable businesses to receive an enhanced payments service directly from their banks.