SWIFT SYSTEM

Why in news

Exclusion of Russian banks from using SWIFT system.



  • It is formally known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
  • It is atrusted messaging system for banks and other financial institutions around the world.
  • It doesn’t settle any money itself,but provides instruction messages for just how to give and receive specific funds.
  • It is controlled by thecentral banks of the G10 countries, the European Central Bank, and the National Bank of Belgium.
  • Prior to SWIFT, the only reliable means of message confirmation for international funds transfer was 
  • There are about 11,000 member banks in 200 countries and territories that use SWIFT.
  • Since it began in 1973, SWIFT has become an integral part of the flow of global trade.
  • India’s financial system has access to the SWIFT.
  • Iran and North Korea are already out of the SWIFT platform.