Annex 1: The History and Detailed Functioning of SWIFT

Abstract

The History of SWIFT Before SWIFT came into existence, international interbank telecommunication was handled through Telex-Messages. They were not very secure and not automated. Telex Networks were developed from the 1930s onwards and they have been on the decline since the 1980s. The financial industry was one of the first industries to replace the Telex network through a proprietary system. In 1973, 239 banks from 15 countries founded SWIFT in order to create a shared worldwide data process...