SWIFT is the world's main international payments network. Here is more about what it does and why it matters.
SWIFT is the world's main international payments network. Here is more about what it does and why it matters:SWIFT, or the"Society for Worldwide Interbank Financial Telecommunication", is a secure messaging system that facilitates rapid cross-border payments, making international trade flow smoothly.
It has become the principal mechanism for financing international trade. In 2020, around 38 million SWIFT 'FIN messages' were sent each day over the SWIFT platform, according to its 2020 Annual Review. Each year, trillions of dollars are transferred using the system.SWIFT, founded in the 1970s, is a co-operative of thousands of member institutions which use the service.
Russian banks could use other channels for payments such as phones, messaging apps or email. That would let Russian banks make payments via banks in countries which have not imposed sanctions but since alternatives are likely to be less efficient and secure, transaction volumes could fall and costs rise.Exporters would find selling goods to Russia riskier and more expensive.
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