[Note from CAF: As currency wars intensify, expect more attention paid to clearance and settlement systems, particularly SWIFT.]
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are popularly known as “SWIFT codes”.
The chairman of SWIFT is Yawar Shah, who is from Pakistan. The CEO is Gottfried Leibbrandt, who is from the Netherlands.