Society for Worldwide Interbank Financial Telecommunication

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Society for Worldwide Interbank Financial Telecommunication
Society for worldwide interbank financial telecommunication.gif
Headquarters La Hulpe, Belgium, with offices in the world's major financial centers
Web site www.swift.com

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a member-owned cooperative through which over 8,300 banking organizations, securities institutions and corporate customers in more than 208 countries exchange millions of standardized financial messages.[1]

In August of 2009, it was announced that Europe was prepared to reach an agreement that would formally allow the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to provide the U.S. Treasury Department access to a limited set of sensitive data, in its pursuit of terrorists.[2]

In November of 2006, a panel of EU data protection officials said that Swift violated European Union privacy laws by turning over information to U.S. authorities to help their investigations into terrorist activities. The panel, known as Article 29 Working Group, called on Swift to stop providing the data.

History

On July 24 of 2012, it was announced that Depository Trust & Clearing Corporation (DTCC) and SWIFT had been named by the Commodity Futures Trading Commission (CFTC) to provide the CFTC Interim Compliant Identifier (CICI) for legal entities involved in over-the-counter (OTC) derivatives trading.[3]

In February of 2016 SWIFT acknowleged that the cyber theft of $81 million from the Bangladesh central bank account at the New York Federal Reserve Bank had involved altering SWIFT software on the Bangladesh Bank's computers to hide evidence of fraudulent transfers.[4]

Products and Services

SWIFT provides the proprietary communications platform, products and services that allow customers to connect and exchange financial information. SWIFT also acts as the catalyst to shape market practice, define standards and consider solutions to issues of mutual interest.

Membership

Key People

References

  1. About Us. SWIFT.
  2. Agreement Near That Would Allow Swift to Provide U.S.Treasury With Sensitive Data. Securities Industry.
  3. /2012/dtcc_swift_compliant_identifier.php Press Release. DTCC.
  4. SWIFT SWIFT warns customers of multiple cyber fraud cases. Reuters.