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Russia’s SWIFT Settlement Alternative
The SWIFT System is an integral part of a communication process that assists payment and clearing of financial transactions. The Corporate-to-Bank site defines it in the following manner and provides several examples of Payment, Clearing and Settlement Systems.
“The Society for Worldwide Interbank Financial Telecommunication, Societe Cooperative a Responsabilite Limitee (limited co-operative society) (“SWIFT”) is a member-owned co-operative. SWIFT provides a telecommunication platform for the exchange of standardized financial messages between financial institutions and corporations. SWIFT is neither a payment system nor a settlement system though the SWIFT messaging standard is used in many payment and settlement systems. SWIFT’s customers include banks, market infrastructures, broker-dealers, corporates, custodians, and investment managers. SWIFT is subject to oversight by the central banks of the Group of Ten countries.”
Read the entire article on “Negotium” archives
