No, SWIFT is for international interbank settlements (transfers between commercial banks). Here's a description of the cumbersome process: https://bitcoinfounda

No, SWIFT is for international interbank settlements (transfers between commercial banks). Here's a description of the cumbersome process: https://bitcoinfoundation.org/2012/12/international-bank-transfers-banks-ugly-secret-and-why-bitcoin-really-matters/ https://bitcoinfoundation.org/2012/12/international-bank-tra... The total balance of electronic currency in a commercial bank is tracked by the central bank of the currency in question (eg. the Federal Reserve for USD for the US, Danmarks Nationalbank for DKK in Denmark). The Federal Reserve is the authority on the (electronic) USD balance of each US bank, and no non-US banks can have a USD balance (this happens via so-called intermediate banks where, for example, a Danish bank has a USD balance with a US "intermediate" bank). Intrabank transfers (transfers from one account at a bank to another account in the same bank) is simply a change in that bank's local database. Interbank transfers (a transfer from one commercial bank to another) within the same country is handled by the central bank (since the central bank is the authority on the commercial bank balance of the currency they produce/manage).