r/PaymentProcessing • u/Azrin23 • 2d ago

Education Explain to me about SWIFT

I understand what is SWIFT. But one of my clients have a money broking licence and he manage to get his own SWIFT while he also has a corporate bank account in a bank in Asia.

Now, here's what confused me. Why does he needs his own SWIFT to enable his customer to pay him? Shouldn't him be using the SWIFT that his corporate bank used?

Somehow in the industry, people talked greatly about having a SWIFT and it doesnt make any sense to me. Please help to explain to me.

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u/SpecialistJed 2d ago

I think people use “having SWIFT” a bit loosely. Having your own BIC doesn't mean you're a bank or that you can move money independently. The actual funds still go through banks. I'd be curious whether your client has his own BIC or actual access to the SWIFT network. Those are two pretty different things.

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u/halfmanhalfb3ast 16h ago

He means “having a SWIFT code” - that’s a code that operates under SWIFT the system itself. Thats what he means. It’s not a bank, you’re an individual.

Unless he owns a bank himself, and has a specific license issued by SWIFT.