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SWIFT
(Society for Worldwide Interbank Financial Telecommunication)
is a global messaging network used by financial institutions to securely exchange information about financial transactions.
Established in 1973, SWIFT does not actually move money but provides a reliable and standardized communication platform for transmitting messages related to payments, securities, trade finance, and other transactions.

Here's how SWIFT works:

1. Secure Messaging: SWIFT assigns each bank a unique code, known as a SWIFT/BIC code (Bank Identifier Code). When a financial institution wants to send or receive money from abroad, they use these codes to identify both the sending and receiving banks.


2. Global Reach: SWIFT connects over 11,000 financial institutions in more than 200 countries, making it essential for international banking.


3. Standardization: SWIFT creates standardized message types that ensure consistent formats across borders. This reduces errors and enhances the efficiency of international transfers.


4. Security: SWIFT provides high levels of encryption and authentication, ensuring the confidentiality and integrity of financial messages.

In recent years, SWIFT has also expanded its offerings to include real-time tracking of transactions through its gpi (Global Payments Innovation) service, providing greater transparency and faster cross-border payments.

@macedhule

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How to Destroy A Country ?

Economic Crisis leads to Asymetric wealth Creation because the Rich know what to do in such Situations they know how to Leverage Inflation, they know what to Have and What Not to Have.
This Asymetric Wealth Distribution leads to Socio-Economic Conflicts which is well pampered by Polititians leading to Broken Communities

Broken communities have broken priorities.
They can be instigated (en masse) to blame religion, castes, their neighbors, and their neighbors' kids for all their miseries in life. In the age of YouTube and algorithm-driven content creation and consumption - the best political parties will use this data to manufacture thoughts, views, aspirations, and hate for a few extra votes.

The poor suffer and continues to suffer. Politicians/rich/privileged will continue to thrive at the expense of middle-class taxpayers.

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BMC SE & JE

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