The World Before SWIFT - Deepstash
The World Before SWIFT

The World Before SWIFT

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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kallic

I'm passionate about music and cooking. Also my dog is named after a superhero.

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