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What is a SWIFT copy/ document?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, a financial services cooperative based in Belgium. A SWIFT copy or document is an extract of the electronic payment document sent to the correspondent bank or beneficiary bank. It acts as a confirmation of payment made from your bank and informs the beneficiary of the value date of transaction. SWIFT copies provide the name and code of the originating bank, the name and code of the receiving bank, the amount of the transfer, and several preset codes that provide a message to the receiving bank.