Smite does not seem to be affected by Swain's Torment.
Smite
does not seem to do the extra percent damage from Swain's Torment ability. At level 5 Torment it should do an extra 20%, but it's the same. This is a huge difference for a swain jungle (yayaya, no one cares about swain jungle, but it's still a fact). Also, I'm not sure if it affects the damage to champions. I don't think it does. This is very important because if you use the true damage smite this is a significant difference in damage late game. Especially on Swain who is very DPS based.