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What Is SWIFT?
SWIFT is the Society for Worldwide Interbank Financial Telecommunications. This is a Belgian organization, founded in 1973 in response to global demand for more efficient and effective means of communicating between banks in different countries. The SWIFT messaging system is a series of standardized messages which have authority in over eight thousand banks in over two hundred countries.
Why Are SWIFT Messages so commonly used?
SWIFT messages have become popular in the sugar trade due to their simplicity and efficiency. Because SWIFT messages are issued from bank to bank, there is little room for the sorts of human errors that can come into play when requesting hard copies of documentation. They are also much quicker than traditional methods of communication. A SWIFT message can be sent and received within seconds, and though they are still subject to processing time, this is much quicker than sending communications through the mail, and is much more secure.
There are a great many SWIFT codes which correspond to various types of message. A SWIFT code is normally made up of the letters ‘MT’, and then a three digit number. The ‘MT’ simply stands for ‘message type’, and the numbers correspond to a certain type of SWIFT message. For obvious reasons these numbers are standardized globally and do not change between countries.
What Does A MT-760 Look Like?
It is important to remember that an MT-760 is actually an interbank communication, so one never really sees an MT-760. The forms which need to be filled out to apply for an MT-760 can vary widely from bank to bank.