Albanian Association of Banks held on September 17, the first business forum for SWIFT (Society for Worldwide Interbank Financial Telecommunication). The participants of the forum held discussions on the possibilities of the further development of the solutions offered by this platform for bank system and various institutions. The development of infrastructure of paying system in Albania was another important topic of the discussion.
SWIFT counts 10.500 member institutions worldwide and offers the infrastructure for the exchange of standardized financial messages. Before doing a bank transfer, one of the most necessary elements is the SWIFT code of the bank in which the money will be transferred.
SWIFT established in 1973 in Brussels, with the aim to create a joint language regarding international financial transactions. SWIFT entered in the Albanian bank system about 20 years ago and today it is used by many trade banks and important public institutions as the Central Bank and the Ministry of Finances.
News source: ATA
Photo credits: Wikimedia
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