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| Swift system |
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1_ Swift
2_ Securities range
3_ The most important advantages of the Swift system
4_ The results of the Russian invasion of Ukraine
1_ Swift
SWIFT, a member-owned not-for-profit cooperative, provides highly efficient and cost-effective service. The concept of SWIFT originated at the end of the 1960s with the expansion of global trade, and the SWIFT organization was established in 1973, headquartered in Belgium, and began operations in 1977.
The number of participating countries has exceeded 209, including the majority of Arab countries, and the number of cooperative financial institutions approaches 9000. The country must first participate in order for its institutions to join.
This system aims to provide the latest scientific methods for linking and exchanging messages and information across all capital markets through the banks responsible for its implementation in different countries, allowing the subscriber to meet the requirements of international and local consumers.
2_ Securities range
The Swift system can be used to exchange messages in a variety of processes, including matching and approving customer requests between the parties involved in the process, as well as cash transfers related to operations and settlement results, approval of execution and settlement of deals between the parties involved. Of course, it can be used for any action that involves changes in customer balances.
3_ The most important advantages of the Swift system
The speed of completing remittances and sending them to the recipients.
Add a layer of security.
It is less costly to the bank than other transfer methods.
The system operates 24 hours a day, seven days a week.
This method is a complex alternative to telex and includes all correspondence related to financial and banking transactions that occur between banks and financial institutions.
It is worth noting that the headquarters of the global Swift network is in Belgium, and according to the latest statistics issued by the company, the number of financial institutions and banks participating in it has exceeded 11,507 subscribers, distributed in more than 200 countries around the world. World, until the end of March 2020 and as a result of its rapid expansion, the company has reduced the prices of messages sent by participants by more than 70% in the past 10 years.
4_ The results of the Russian invasion of Ukraine
Because of Russia's invasion of Ukraine, US Vice President Joe Biden is considering banning Russia from the Swift system.
mohamed kadi 2 mars 2022
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