Description
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, it operates a world-class network to facilitate the rapid and reliable transfer of money and messages related to it across international borders. SWIFT does not involve itself directly in funds transfer but instead sends payment orders between institutions’ accounts, using its own codes. It serves banks, financial institutions, and corporations by offering a wide range of financial messaging services, leveraging standards to effectively and efficiently conduct international transactions. Though SWIFT is a cornerstone of traditional global financial transactions, it does not directly engage in the emerging web3, crypto, or blockchain sectors. Its services primarily focus on the existing banking infrastructure, promoting interoperability and standardization amongst its members for traditional financial operations. While SWIFT has explored blockchain and distributed ledger technology (DLT) for potential applications in its services, such as in the GPI (Global Payments Innovation) initiati...
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, it operates a world-class network to facilitate the rapid and reliable transfer of money and messages related to it across international borders. SWIFT does not involve itself directly in funds transfer but instead sends payment orders between institutions’ accounts, using its own codes. It serves banks, financial institutions, and corporations by offering a wide range of financial messaging services, leveraging standards to effectively and efficiently conduct international transactions. Though SWIFT is a cornerstone of traditional global financial transactions, it does not directly engage in the emerging web3, crypto, or blockchain sectors. Its services primarily focus on the existing banking infrastructure, promoting interoperability and standardization amongst its members for traditional financial operations. While SWIFT has explored blockchain and distributed ledger technology (DLT) for potential applications in its services, such as in the GPI (Global Payments Innovation) initiati...
