In global banking transactions, 'SWIFT' stands for Society for Worldwide Interbank Financial Telecommunication. It is a secure messaging network facilitating international payments and financial transactions among institutions. SWIFT enables banks to send information and instructions securely and efficiently, ensuring compliance with financial regulations while reducing transaction times. Its standardized messaging system helps to minimize errors and miscommunications, thereby boosting the reliability of cross-border payments. SWIFT is essential in the global financial ecosystem, connecting thousands of financial institutions worldwide.