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SWIFT
(Society for Worldwide Interbank Financial Telecommunication)
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network that enables financial institutions to securely transmit information and instructions for cross-border payments. Unlike ACH for domestic transfers, SWIFT handles international transactions using standardized codes (SWIFT Code or BIC).
Over 11,000 institutions across 200+ countries use SWIFT daily, processing $5 trillion in payments. While SWIFT doesn't hold funds, it provides instructions for banks to debit/credit accounts. Recent sanctions (e.g., Russian bank bans) highlight SWIFT's geopolitical role. Alternatives like blockchain-based DeFi are emerging, but SWIFT remains dominant for corporate and high-value transfers due to its reliability and universal adoption.
Over 11,000 institutions across 200+ countries use SWIFT daily, processing $5 trillion in payments. While SWIFT doesn't hold funds, it provides instructions for banks to debit/credit accounts. Recent sanctions (e.g., Russian bank bans) highlight SWIFT's geopolitical role. Alternatives like blockchain-based DeFi are emerging, but SWIFT remains dominant for corporate and high-value transfers due to its reliability and universal adoption.