# Society for Worldwide Interbank Financial Telecommunication (SWIFT)

- Canonical URL: https://www.gerhardmerk.de/society-for-worldwide-interbank-financial-telecommunication-swift-2
- Post ID: 589448
- Modified: 2023-07-25T21:13:35+00:00
- Language: en

## Definition

A Brussels-based cooperative service provider founded in 1973 by banks in Europe and North America with the aim of accelerating and standardizing international payments (a computer network to support funds transfer messages internationally between member banks worldwide). A jointly developed system has since been expanded to handle not only international payments but also collections, letters of credit, securities, foreign exchange, precious metals and other transactions. More than 8,000 banks worldwide are now connected to this system. - Cf. 2004 Annual Report of the ECB, p. 130 (supervisory issues) as well as the respective Financial Stability Report of the Deutsche Bundesbank, 2007 Annual Report of the Deutsche Bundesbank, p. 112 (oversight by the Bundesbank); 2007 Annual Report of the ECB, p. 171 f. (supervisory expectations catalog for SWIFT), 2012 Annual Report of the ECB, p. 143 (establishment of an Oversight Forum; further activities) as well as the respective Annual Report of the ECB, chapter "Oversight of payment systems and market infrastructures." Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

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