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Thread: What is SWIFT bank system?

  1. #1

    Default What is SWIFT bank system?

    Swift, or the Society for Worldwide Interbank Financial Telecommunication, is a global messaging system for financial transactions that connects more than 11,000 banks and other organizations in more than 200 countries and territories. ORIGIN. DESTINATION. EUROPE, MIDDLE EAST AND AFRICA.

    Sounds creepy to me

    Who owns the SWIFT system?
    On its website, it says “it's owned and controlled by its shareholders [financial institutions] representing approximately 3,500 firms from across the world”. The system is overseen by the G10 central banks, as well as the European Central Bank, with its lead overseer being the National Bank of Belgium.

    Methinks current Brandondom is swimming in that cess pool

    More info If you care
    [video]Swift, or the Society for Worldwide Interbank Financial Telecommunication, is a global messaging system for financial transactions that connects more than 11,000 banks and other organizations in more than 200 countries and territories. ORIGIN. DESTINATION. EUROPE, MIDDLE EAST AND AFRICA.

    Sounds creepy to me

    Who owns the SWIFT system?
    On its website, it says “it's owned and controlled by its shareholders [financial institutions] representing approximately 3,500 firms from across the world”. The system is overseen by the G10 central banks, as well as the European Central Bank, with its lead overseer being the National Bank of Belgium.

    Methinks current Brandondom is swimming in that cess pool

    Last edited by vertical1; 02-26-2022 at 08:26 PM.
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  2. #2

    Default

    So basically it's for banks to help countries and banks move more money faster better. Standardizing is tough between countries.

    SWIFT - Society for Worldwide Interbank Financial Telecommunication - acts as the Gmail of global banking services. It was founded in 1973 to end reliance on the telex system, an international system used especially in the past for sending written messages.

    What is SWIFT and how does it work?
    SWIFT is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. Last three characters: optional, but organizations use it to assign codes to individual branches.

    Pretty cool, it's like the blockchain.

    https://www.swift.com/

  3. #3

    Default

    SWIFT is basically the same thing as your US banks ABA or routing number, SWIFT being the International bank code routing number. If you send a bank transfer Internationally you need the receivers bank SWIFT number and their account number. Nothing terribly sinister under this rock. Any ol' Joe can and does use this to send from your account to their account, even if it's just $100. I used it many times as an Ebay seller back before Paypal, when a buyer from overseas bought something I didn't want their international personal check or credit card. I'd demand they pay by bank transfer, I'd need the SWIFT code from my neighborhood bank to give them.
    Last edited by insidedealer; 02-27-2022 at 01:18 AM.

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