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    Banking and Finance

    What is SWIFT Payment System and its Importance in the Global Economy

    With ongoing Ukraine and Russia Crisis, there is one term that has become very popular. “SWIFT” payment system. This article will focus to answer what is SWIFT and why it is important to the global economic system. What is Bitcoin and How Does it Work? SWIFT sits in the middle of the global financial system. Without it, it is likely you won’t manage to send funds across countries. What is SWIFT? SWIFT is an abbreviation for Society of Worldwide Interbank Financial Telecommunication. It is an institution that serves over 12,000 financial institutions such as banks in moving funds across the world. SWIFT is located in Belgium under the management of…