Explained | What is SWIFT and why is Russia being threatened with exclusion from the service?
The Hindu
SWIFT is a messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transactions
As tensions exacerbate between Washington and Moscow over Ukraine, political commentators say that the United States could, as a last resort, exclude Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), an international network for banks worldwide to facilitate smooth money transactions globally. The move could have serious repercussions on how Russian banks carry out international financial transactions.
SWIFT is a messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transactions. The Belgium-headquartered SWIFT connects more than 11,000 banking and securities organisation in over 200 countries and territories.
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