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21Oct 2024
SWIFT’s Role in Global Financial Communication Network
Why in the news? SWIFT remains vital for secure global financial transactions, and its exclusion has been increasingly used as an economic sanction, impacting nations’ access to international banking systems. SWIFT Overview: SWIFT, established in 1973, is a global, member-owned cooperative for secure financial communications. Initially founded by 239 banks from 15 countries, it now …
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