What Is The SWIFT Financial System?

By THOUSIF INC

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.

It is a global messaging system connecting thousands of financial institutions worldwide.  

SWIFT was formed in 1973, and it is headquartered in Belgium.

It is overseen by the National Bank of Belgium and the U.S.

Federal Reserve System, the European Central Bank, and others.

It connects more than 11,000 financial institutions in more than 200 countries and territories worldwide.

Banks can be informed about transactions.

Alexandra Vacroux, executive director of the Davis Center for Russian and Eurasian Studies at Harvard University, told:

"It does not move the money, but it moves the information about the money."

SWIFT said it recorded 42 million messages on average in 2021 and 82 million messages overall this month.

That includes currency exchanges, trades, and more.

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