SWIFT

Company
About SWIFT

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also sells software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362. Business Identifier Codes (BICs, previously Bank Identifier Codes) are popularly known as “SWIFT codes”.

The majority of international interbank messages use the SWIFT network. As of 2015, SWIFT linked more than 11,000 financial institutions in more than 200 countries and territories, who were exchanging an average of over 15 million messages per day (compared to an average of 2.4 million daily messages in 1995). SWIFT transports financial messages in a highly secure way but does not hold accounts for its members and does not perform any form of clearing or settlement.

SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

SWIFT is a cooperative society under Belgian law owned by its member financial institutions with offices around the world. SWIFT headquarters, designed by Ricardo Bofill Taller de Arquitectura are in La Hulpe, Belgium, near Brussels. The chairman of SWIFT is Yawar Shah, originally from Pakistan, and its CEO is Gottfried Leibbrandt, originally from the Netherlands. SWIFT hosts an annual conference, called Sibos, specifically aimed at the financial services industry.

SWIFT Details
Operating Status: Active
Business Type: Private
Founded: 1973
Headquarters: La Hulpe, Belgium
CEO: Gottfried Leibbrandt
Founders: Carl Reuterskiöld
SWIFT News
SWIFT Say They are Planning to Use R3’s Blockchain Within Their Global Payment System
June 24th, 2019

From SWIFT they said that banks now know they cannot stand still. They need to adapt their own systems to support them. Only a seamless and open global value transfer system can enable that.

Ripple Boosts the Clientele of a Remittance Company to +800% Over Night
June 13th, 2019

Ripple CEO, Brad Garlinghouse, revealed that a remittance company, which he wouldn’t disclose, has gained +800% in clients overnight because it recently began using Ripple’s technology. The main reason in this rise in the change in transaction fee.

Visa Launches New Blockchain Solution to Speed Up Cross-Border Transactions
June 12th, 2019

Visa has launched its Visa B2B Connect network – a product developed alongside blockchain startup Chain. Visa B2B Connect will serve businesses seeking to make payments to 30 markets with 90 more corridors expected to be covered.

Ripple Acquiring MoneyGram Was Fake News But It Gave XRP Price the Boost
June 7th, 2019

After a rumor broke out yesterday that a California-based crypto start-up Ripple has acquired the major US-based money transfer company MoneyGram, both companies refused to comment. Still, even the rumor was enough for XRP price 8% boost.

Ripple Expands to Switzerland with a New Office in Zurich
June 6th, 2019

Ripple has made substantial success by launching a new office in Zurich, Switzerland. The main purpose for this is to sell XRP to institutional buyers.

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