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Turning 50, SWIFT wants to keep up with the times
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fnlondon.comSWIFT is looking to stay ahead of the curve. The payments network turns 50 this year, and though it is still the behemoth that dominates cross-border transactions, new players have started encroaching on its turf.
The Society for Worldwide Interbank Financial Telecommunication was set up in 1973 to solve a problem: sending money across borders. Back then, banks used telex to message each other. Owned by its member banks, SWIFT now allows banks to send money internationally without having to enter bilateral agreements with...
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