![]() It was founded back in 1973, and it's really become an integral part of the flow of global trade. Without a Swift code in place, the money that banks are trying to send won't get where it's supposed to go. So that banks know where they're sending the money. Right? So if you've ever received or sent money, you need to provide Swift with instructions. It doesn't shuttle any money itself, but it provides instruction messages for just how to give and receive specific funds. What it is, is a messaging system for banks and other financial institutions around the world. Now, as you mentioned, Swift isn't a bank. It's controlled by the central banks of the G-10 countries, the European Central Bank, and the National Bank of Belgium. ![]() Swift-or as it's formally known, the Society for Worldwide Interbank Financial Telecommunications-is a cooperative company under Belgian law that's headquartered in Belgium. Can you please tell us what exactly is Swift, and why is kicking Russia out of it such a big deal? ![]() So what is Swift? We know it's a kind of messaging system that banks use to coordinate money transfers around the globe, but to help explain it more we've brought in Rachel Rizzo, a senior fellow with the Atlantic Council, who studies NATO and European security matters. Western countries are moving to ban Russia from the financial coordination system known as Swift. One of those sanctions being enforced right now is aimed at Russian banks. So in response to Russia's aggression, other nations have ramped up economic sanctions against Russia. So just to time-stamp this, we're recording this conversation on Thursday, March 3rd. New information is coming out every minute. MC: As I'm sure you all know, Russia started a war last week, by invading the neighboring country of Ukraine. and sometimes we need to put a pause on talking about consumer tech and bring in the experts.
0 Comments
Leave a Reply. |