The groundwork for a system of international payments that bypasses the sclerotic SWIFT network has been created. Now the ...

This week, the Central Bank of Russia said it will replace SWIFT with its System for Transfer of Financial Messages, or SPFS, established in 2014. “It remains to be seen whether this is a ...

Some financial analysts have likened ousting Russia from SWIFT as a “nuclear option,” and would be an unprecedented move against one of the world’s largest economies.

Unlike a traditional bank, the SWIFT financial system doesn't hold deposits. It handles millions of messages each day, linking more than 11,000 financial institutions around the world.

Columnist Tammy Swift may be distantly related to Taylor Swift, but she wants people to know she did not found the SWIFT global banking system. In fact, she says the last time there was this much ...

SWIFT’s recent six-month trial, involving 38 central banks, commercial banks, and settlement platforms, focused on ensuring that different countries’ CBDCs can be used together, even if they ...

But since the 1990s, many smaller banks in emerging markets have joined SWIFT, and some may have weaker computer security. In all, more than 10,000 institutions are now connected to SWIFT.

Separately, Swift has worked with a clutch of leading financial institutions, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo, and Standard Bank, to test how AI can be used to ...

Even without the war in Ukraine, correspondent banking using the SWIFT messaging system was going downhill. By cutting off some Russian lenders’ access to the communication channel, politicians ...

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 ...