Prior to SWIFT, Telex was the only available means of message confirmation for international funds transfers. Telex was hampered by low speed, security concerns, and a free message format. Telex senders had to describe every transaction in sentences that were then interpreted and executed by the receiver. This led to many human errors.
To circumvent these problems, the SWIFT system was formed in 1973. Six major international banks formed a cooperative society to operate a global network that would transfer financial messages in a secure and timely manner.
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Today, it is easy to walk into a bank and transfer money anywhere around the globe, but how does this happen? Behind most international money and security transfers is the Society for Worldwide Interbank Financial Telecommunications (SW...
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