More money-transfer companies joining Swift network (Amended)

Singapore

SWIFT - the global messaging service for the financial industry - has seen a doubling in a small, but growing, segment of money transfer corporations that are connecting to the network to transfer funds in multiple currencies around the world.

Swift, which stands for Society for Worldwide Interbank Financial Telecommunication, said this week that more money transfer companies are signing up for its service. To date, money transfer companies make up about 3 per cent of the corporates that have joined Swift globally, a spokesman told The Business Times.