SWIFT

Definition

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network that enables financial institutions to send and receive information about financial transactions in a secure, standardized environment. It connects over 11,000 institutions in more than 200 countries. Disconnection from SWIFT is one of the most severe financial sanctions available, as it effectively cuts a country off from the international banking system. The weaponization of SWIFT access has become a prominent geopolitical tool, as seen in the exclusion of selected Russian banks following the 2022 invasion of Ukraine. Alternatives like China's CIPS system have emerged in response.