What is the SWIFT payment system?

Following Russia’s attack on Ukraine, the EU and the US announced measures to block selected Russian banks from the SWIFT payments system. What is SWIFT? Watch this report to know more about it.
#SwiftPayments
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[@ssabt12]

This is why blockchain is important. With blockchain, politics and human intervention can be disconnected from financial transaction

[@michaelcrane5985]

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Swift messaging systems are a critical part of international economic activity. They provide extremely secure communications, developed over five decades, dovetailing with the many and varied operations of commercial banks in international transactions. Swift systems would also be a prime target in any cyberwarfare, though thankfully they are well defended.
The reality, however, is that limiting access to Swift is less practically effective than most media coverage supposes. It is an important symbol of global repudiation of Russia’s exercise of military force, but not much more. It is other measures, such as blocking the central bank of the Russian Federation from transacting internationally, which is undermining confidence in the rouble.
To understand the limited practical effect of ejection from Swift, it’s worth looking at Iran. The US has applied and periodically reinforced trade prohibitions against Iran ever since 1987. This culminated in Barack Obama’s executive order in February 2011 to freeze all the US assets of Iran’s government, central bank and financial institutions. Iranian banks were ejected from Swift only later, in March 2012. This was only supplementary to direct restrictions on Iranian businesses and financial intermediaries.
Iranian banks could and did still arrange payments in and out of Iran, using banks in third countries that were willing to take a margin on these transactions
There is no fundamental problem with transferring funds using some other secure messaging system. Russian banks might, for example, instead arrange payments using the SPFS system, which was established after the 2014 invasion of Crimea by the Russian central bank. This is currently used by a handful of international banks in Germany and Switzerland linked to Russian banks.
Or they could use the CIPS network, which was created by the People’s Bank of China for the purpose of cross-border payments in renminbi with indirect participants in many countries. They could even use WhatsApp to instruct the necessary transactions.
Payments for Russian energy exports, for example to Gazprom, are even less Swift-dependent. When operators buy oil or gas from Gazprom, they make payments in either euro or US dollars into bank accounts held by the Russian energy company. So if the intention of sanctions is to block payments for Russian gas, the tool is not Swift; it is sanctions on Gazprom and its banking facilities

[@user-yd6yc5lp9d]

I need a help anyone who can withdraw money from my swiftpay account I will pay him 100$

[@edwinweb]

so the swiftnet is used for messaging the transfer details in secure way, how does the money get transferred to the send to the receiver ? Is there another system for this money transfer ?

[@edwinweb]

so the swiftnet is used for messaging the transfer details in secure way, how does the money get transferred to the send to the receiver ? Is there another system for this money transfer ?

[@user-db3iy2pp9n]

Parcel sent from UK Kingdom is it to register from Singapore Asia to come to Bangladesh



[@71printing92]

How do i withdraw my dollars? I have dollars which is in my swift account..

[@TurkishDramasClips-nv3qm]

Have you withdraw? I have same problem

[@nathanieljose1608]

Please does anyone know a good mt103 sender

[@vegasanthony8384]

I am a sender if you don't mind let make some transactions

[@michaelcrane5985]

What is swift? Bout to be replaced!🎉

[@Muhammad_yousaf512]

How do i withdrawal my dollors? I have dollors which is in my swift account..

[@jessareyes9613]

What did you do?

[@ismail-hossain1993]

I need help.
How many times need for swift pay system?

[@vegasanthony8384]

Just once

[@Mollymoch13]

​@@vegasanthony8384 hi, do know if code?

[@Mollymoch13]

​@@vegasanthony8384How much did you pay

[@user-yd6yc5lp9d]

Please withdraw from My swift pay account

[@kathrinedelmenico4329]

Brics

[@Sreedharashwin]

Rapid? lol