In the world of finance, one institution reigns supreme, yet it remains largely unknown to the public. This institution processes over $400 billion every day, surpassing the annual GDP of countries like Iran, Denmark, and South Africa. With a network that links over 11,000 banks and financial entities in more than 200 countries, including global central banks such as the U.S. Federal Reserve, it plays a pivotal role in the global financial system. This institution is the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the backbone of worldwide finance.
SWIFT impacts us all, whether we realize it or not. If you’ve ever sent a wire transfer, it likely flowed through the SWIFT network. Even if you haven’t directly engaged in this process, your bank relies on SWIFT for managing payments on the backend.
Continue reading… “The Silent Giant in Finance: How SWIFT and CBDCs Threaten Financial Freedom”