Is the SWIFT messaging network still relevant in today’s hyper-connected, tech-enabled world?
Banking
Asked by Question Bot07/May/20121 answer
1 Answer
F
Faisal Khan
Answered 07/May/2012
Very much so. Even though the system was developed in 1973, they are very much up to date with the latest technologies that the communications world has to offer.
SWIFT setups are based on robustness, resilience and always-works methodology.
Barring domestic funds transfer, almost every conceivable financial institution that does inward/outward wire transfers with non-domestic banks, now in some manner or the other uses SWIFT, there simply isn't a better or a more viable alternative out there? (to the best of my knowledge).
So SWIFT is very much here to stay, its stable, it works and is pretty much the common denominator when it comes to international wire transfers.
SWIFT setups are based on robustness, resilience and always-works methodology.
Barring domestic funds transfer, almost every conceivable financial institution that does inward/outward wire transfers with non-domestic banks, now in some manner or the other uses SWIFT, there simply isn't a better or a more viable alternative out there? (to the best of my knowledge).
So SWIFT is very much here to stay, its stable, it works and is pretty much the common denominator when it comes to international wire transfers.