1. SWIFT is a payment system that transfers money between banks.
2. SWIFT's messaging system makes international transactions faster and more secure.
3. Before SWIFT, banks used telex, which was a very efficient and fast system.
4. SWIFT codes are used to uniquely identify banks in the SWIFT network.
5. Russia's banks were disconnected from SWIFT as a result of sanctions in 2022.
6. The CIPS network in China can fully replace SWIFT for global financial transactions.
7. Blockchain technology could potentially disrupt SWIFT by offering decentralized solutions.
8. Automating payments with SWIFT reduces costs compared to manual transactions.
9. Cryptocurrency transactions are completely anonymous and cannot be traced.
10. Central bank digital currencies (CBDCs) could change SWIFT's role in the future.