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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.