Questions tagged

MysticInfinity Fri Oct 04 2024 | 7 answers 1537

Who owns the SWIFT banking system?

Could you clarify for me, who exactly holds ownership over the SWIFT banking system? Is it a single entity, a consortium of banks, or is there a more complex structure in place? Understanding the ownership structure is crucial in assessing the system's governance and decision-making processes, so any insights you could provide would be greatly appreciated.

Silvia Fri Oct 04 2024 | 6 answers 1460

How does a SWIFT transfer work?

Could you please explain to me, in simple terms, how does a SWIFT transfer actually work? I've heard about it but I'm not entirely clear on the process. Is it a direct transfer between two banks, or does it involve intermediaries? And how does the security of the transaction get ensured? I'd appreciate any clarification you can provide.

CryptoAce Thu Oct 03 2024 | 5 answers 1083

Is SWIFT a payment scheme?

Excuse me, but could you please clarify for me whether SWIFT is indeed considered a payment scheme? I've heard it mentioned in relation to international banking transactions, but I'm not entirely sure if it falls under the category of a payment scheme as we typically understand it. Could you elaborate on SWIFT's role and function in the context of financial transactions, and if it indeed serves as a means of payment between parties? Thank you for your time and clarification.

Lorenzo Thu Oct 03 2024 | 5 answers 724

Why do people use Swift?

Why is it that so many individuals and businesses opt to use Swift for their international financial transactions? Could it be due to the fact that Swift provides a secure and reliable network for transferring funds across borders? Or is it the streamlined process that allows for faster transaction times? Additionally, does the ability to track and trace transactions in real-time play a significant role in its popularity? Perhaps it's a combination of these factors and more. Could you elaborate on the benefits of using Swift and why it has become the go-to choice for many in the finance industry?