SWIFT Explained: The Secret Banking Network Moving Trillions
Introduction When you transfer money overseas - maybe paying university fees in U.S. or sending money to a family in Europe - your bank doesnt stuff cash into an envelope and ship it across the ocean. Instead, a hidden global network passess the message that triggers your payment. That network is called SWIFT - the Societ for Worlwide Interbank Financial Telecommunication. It's not flashy. It doesn't "move" money. But without it, global finance would grind to a halt. Let's break down how it works, why it matters, and how countries like China, Russia, and the BRICS are trying to challenge it.