SWIFT has come a long way in its 38-year history. The Society for Worldwide Interbank Financial Telecommunication was initially conceived as a way to enable its members to communicate securely with each other and to replace the old Telex technology. The member-owned cooperative began opening up its services to corporate users in 1997 and now offers several options for companies to connect to its network: directly to SWIFT, via a SWIFT service bureau or with Alliance Lite. Today, 841 corporations use SWIFT and while they have been attracted by the efficiencies and cost savings offered by a standard means of connecting to multiple banks, SWIFT's services for corporates continue to evolve beyond sending payment messages.
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