SWIFT (Society for Worldwide Interbank Financial Telecommunication) SWIFT is a secure messaging system that allows banks to communicate and exchange information for international payments, but it doesn’t directly transfer funds. SWIFT payments are transactions made through an intermediary bank that allows you to send/receive electronic payments internationally. The SWIFT network doesn’t transfer funds, nor is it a banking system. Instead, it sends payment orders between banks using SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes. The SWIFT payment system is a means to transfer money overseas quickly, accurately, and securely.