If you trade internationally and have an international work group you will also need to have a good way of paying your employees. For many, the best option is SWIFT, Society for Worldwide Interbank Financial Telecommunications. SWIFT transactions are secure, fast and reliable. They help you streamline and speed up payroll, pay your employees on time and comply with the law.
𝗪𝗵𝗮𝘁 𝗶𝘀 𝗦𝗪𝗜𝗙𝗧
SWIFT is a member-owned global cooperative that provides members with secure, private financial transactions. Banks and other financial institutions can use SWIFT to expedite payments by transmitting transaction information quickly, securely and accurately. SWIFT is primarily a communication service. It acts as a messenger between banks rather than directly participating in financial transactions. It does not accept or accept money and does not offer account management options. Instead, it provides banks with a secure and effective network to communicate with each other about their transactions.
𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗼𝗳 𝗦𝗪𝗜𝗙𝗧
If you do business abroad or employ employees around the world, this payment system will allow you to pay your business, her partners and employees safely and quickly.
Key Benefits of the SWIFT System:
– Accountability. SWIFT makes it easy to track bank-to-bank payments, so both parties know exactly when the payment was sent or received.
– Popular. SWIFT accepts payments in nearly 150 different currencies around the world. This means that the person you have to pay is most likely signed up for the network, making payments easier.
– Transparency. SWIFT will provide details of the exact amount to be paid for the transaction.
– Accessibility. Global companies are often associated with communication barriers. But SWIFT removes these barriers and makes communication between countries as seamless as possible.