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The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network is a global financial messaging system used by banks and financial institutions to securely exchange messages and instructions related to international wire transfers.

On the other hand, a SWIFT service bureau is a third-party provider that offers connectivity and messaging services for financial institutions that need to use the SWIFT network.

The time it takes to send an international wire payment through SWIFT can vary depending on the banks involved, the countries involved, and any regulatory requirements. Generally, it can take between 1-5 business days for the payment to reach the recipient's account.

A multi-currency account is a type of bank account that allows customers to hold and manage multiple currencies in a single account. With a multi-currency account, customers can receive, send, and hold funds in different currencies, which can be useful for individuals and businesses that conduct transactions across borders.

Multi-currency accounts can be cost-effective for international wire transfers because they allow you to hold and manage funds in different currencies, helping avoid currency conversion fees and exchange rate fluctuations when sending or receiving payments in different currencies. Also, multi-currency accounts can offer faster processing times for international wire transfers because the funds are already in the appropriate currency.

The MX format for SWIFT is a messaging format based on ISO 20022 standards. It is designed to replace the existing MT (Message Type) format used by SWIFT for financial messaging.

Migrating to the MX format offers financial institutions many benefits in terms of improved efficiency, data quality, and compliance, and can help them to better handle the challenges and opportunities of the future. The MX format is based on ISO 20022 standards, which are widely adopted in the financial industry. This makes it easier for financial institutions to exchange messages with their counterparts, and improves interoperability between different systems and platforms.