About SWIFT:

• SWIFT is a messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transactions;
• The network connects more than 11,000 banking and securities organizations in over 200 countries and territories;
• It is headquartered in Belgium;
• Each participant on the platform is assigned a unique 8-digit SWIFT code or a Bank Identification Code (BIC) which is essential for any inter-bank transfer;
• SWIFT is only a platform that sends messages and does not hold any securities or money. It enables standardized and reliable communication to facilitate the transaction.

Governance of SWIFT

• SWIFT is owned and controlled by its shareholders (financial institutions) representing approximately 3,500 firms from across the world;
• SWIFT is overseen by the G-10 Central Banks which includes Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, United Kingdom, United States, Switzerland, and Sweden as well as the European Central Bank (ECB), with its lead overseer being the National Bank of Belgium;
• In 2012, this framework was reviewed, and the SWIFT Oversight Forum was established in which the G-10 central banks are joined by the Central Banks of India, Australia, Russia, South Korea, Saudi Arabia, Singapore, South Africa, the Republic of Turkey, and the People’s Republic of China.

Source: EPIC February 2022