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I work in the Fintech industry. I'm only a platform engineer so take this with a grain of salt. SWIFT works by giving banks a unique ID (SWIFT code) and transa
by RWejlgaard 5y ago
I work in the Fintech industry. I'm only a platform engineer so take this with a grain of salt.
SWIFT works by giving banks a unique ID (SWIFT code) and transactions supply a swift code and an account number (IBAN).
Removing a country involves removing any bank that happens to be in Russia. The system itself doesn't care where in the world you are.
- Rebelgecko 5y agoIf I understand correctly, only some Russian banks are being removed from SWIFT, so OP wonders why can't they can't all just funnel transactions through the ones that are still connected (I guess it opens those banks up to being sanctioned too?)
- mirntyfirty 5y agoPerhaps it serves as a stern warning and demonstrates the willingness to go all the way down that road???
- ncallaway 5y agoImagine it’ll be a bit of a cat and mouse game. But it’ll be easy for these countries to observe when the volume of a particular bank jumps significantly. When that happens, that bank will be added to the list. At some point, banks not on the list may not be willing to allow money to be passed through them (or they may restrict the flows to a very small amount). It’ll be a game of cat and mouse now