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I get the impression it's not so much that SWIFT itself is critical, it's that so many other banking services and activities are co-ordinated using SWIFT, and b
by simonh 5y ago
I get the impression it's not so much that SWIFT itself is critical, it's that so many other banking services and activities are co-ordinated using SWIFT, and being on SWIFT is an indicator of reliability and that you or your organisation is an insider.
- SantalBlush 5y agoThat would make sense. It's not the tech that's important here, but the network.
- dahdum 5y agoI’d also guess a lot of regulation, policy, insurance, and perhaps law is specific to SWIFT such that you can’t just swap over to another system or simply telephone the transactions.