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"I feel like the media has done a very poor job explaining what SWIFT is and how exactly it works." Could it be replaced by Email+GPG? Or ZeroMQ with Curve cry

• atdrummond 5y ago
  As long as every institution that's required to make the payment happen buys in (and it is compliant with whatever regulations are involved for sender, recipient and intermediate institutions) one does not have to use SWIFT explicitly. That said, gruturo above (in our discussion about the associated ISO standards) makes a good case for why most banks default to SWIFT.