What is SWIFT in banking system and how does it works?

Introduction - SWIFT

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) gives a system that empowers budgetary foundations worldwide to send and get data about money related exchanges in a protected, institutionalized and solid condition. Quick likewise pitches programming and administrations to budgetary establishments, a lot of it for use on the SWIFTNet Network, and ISO 9362. Business Identifier Codes (BICs, beforehand Bank Identifier Codes) are prominently known as "Quick codes". 

The dominant part of universal interbank messages utilize the SWIFT system. Starting at 2015, SWIFT connected more than 11,000 money related establishments in more than 200 nations and regions, who were trading a normal of more than 15 million messages for every day (contrasted with a normal of 2.4 million day by day messages in 1995). Quick transports money related messages in an exceptionally secure manner however does not hold represents its individuals and does not play out any type of clearing or settlement.