Millions of times a day, bankers key a unique 11-digit code into their computers, instantly sending encrypted instructions to their counterparts across the globe to complete a financial transaction.
Financial institutions and entire economies have come to rely on the co-operative network with a cumbersome full name — Society for Worldwide Interbank Financial Telecommunications. Better known as SWIFT, it is part of the fabric of the global financial system, processing more than 40 million messages per day between 11,000 institutions.
Now, excluding Russia from the network is being advocated as the West’s financial “nuclear option” in its attempt to push back against Vladimir Putin for the invasion of Ukraine.
No comments:
Post a Comment