Explain "SWIFT" and describe the salient features of 'SWIFT' system. State further in which ways it is being useful to banks.

SWIFT refers Society for Worldwide Inter-bank Financial Telecommunications (SWIFT) and is a co-operative non-profit making organization established under Belgian law with its head quarter at Brussels. SWIFT is wholly owned by its member banks. SWIFT is a paperless message transmission system. Key features SWIFT are as under: Operates on 24x7 basis throughout the year. All messages are transmitted to any part of the world immediately. Message formats are standardized. Information is confidential and is protected against unauthorized disclosure. SWIFT assumes financial responsibility for the accuracy and timely delivery. Usefulness of SWIFT to banks SWIFT has become an integral part of banking system. SWIFT transmit authenticated financial and nonfinancial messages. SWIFT with its well-standardized and structured message formats have been offering a reliable system of message transmission. Banks use SWIFT platform for transmission of financial and non-financial messages covering international finance (settlement of forex deals), international trade (advising of LCs, amendments to LCs etc.).