One system to rule them all, one system to bind them! Swift!
kritiarora.substack.com
Swift has been there at the core of cross-border payments for decades if not thousands of years for now and no bank has been able to remove this ring yet. Society for Worldwide Interbank Financial Telecommunication (SWIFT), formed as a consortium of 239 banks in 1973, is a global network connecting banks to communicate messages about activities like money transfer safely and securely, using a code. SWIFT went live with its messaging services in 1977, replacing the Telex technology and rapidly became the trusted global partner for institutions all around the world. The book- The Pay Off: How Changing the Way We Pay Changes Everything explains this occurred because Citi was developing a proprietary payments network, and its rivals hated the idea of a monopoly sitting in private hands.
One system to rule them all, one system to bind them! Swift!
One system to rule them all, one system to…
One system to rule them all, one system to bind them! Swift!
Swift has been there at the core of cross-border payments for decades if not thousands of years for now and no bank has been able to remove this ring yet. Society for Worldwide Interbank Financial Telecommunication (SWIFT), formed as a consortium of 239 banks in 1973, is a global network connecting banks to communicate messages about activities like money transfer safely and securely, using a code. SWIFT went live with its messaging services in 1977, replacing the Telex technology and rapidly became the trusted global partner for institutions all around the world. The book- The Pay Off: How Changing the Way We Pay Changes Everything explains this occurred because Citi was developing a proprietary payments network, and its rivals hated the idea of a monopoly sitting in private hands.