Based in Belgium, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a nonprofit organization, created in 1973, that maintains a network for the international exchange of payment instructions between banks and other institutions. Frequently, the SWIFT message is only part of an international payment process which might also employ a system such as CHIPS to fully implement the transaction. The SWIFT network allows the transmission of financial information in a standard and securitized way between institutions.