Why Losing SWIFT Matters

The Society for Worldwide Interbank Financial Telecommunication or SWIFT provides financial messaging services to some 11,000 banks around the world.

It is not a company, but rather a cooperative organization that arose to replace an outdated technology. Its powerful network has made it a crucial part of the global financial system.

The Wikipedia page on this organization is quite comprehensive. So we have to go deeper. In this video, I want to write about SWIFT's unusual place in the financial world and what it means to lose access to it.

Links:

[TheJttv]

Going deeper than the wiki page is what makes this channel great.

[heinrichb]

5:40 it should be stressed that SWIFT does not actually ever touch your cash or securities. Saying that your send money via SWIFT is a bit like saying you mailed someone a copy of your book via your ISP. Cash transfers are done ultimately at clearing houses, not in SWIFT, and by the same token, securities settle in CSDs, not SWIFT. That's an important technicality that most people talking about SWIFT seem to either not be aware of or miss out on.

[aniksamiurrahman]

Man, I've collected the payment of my part-time freelance work through swift and up until this video I only wondered why USD vs my currency rates are so criminally low and withdrawal charge so high. Thanks, Mr. Jon, thanks for showing what a fool am I for not switching to other means more suitable for the retail scale I'm operating on.

[Mastakilla]

Excellent sumup-video.
No music, no sensationalism, just pure efficient information.

[philcarter]

It amazes me how you can talk about the global banking system and euv at the same time. A truly flexible and brilliant mind. Keep going!

[trentclark]

Well done mate! Another video with detailed info beyond what can be Googled in about 5 minutes. Keep up the amazing work it's really appreciated! Thankyou :)

[jpiercelt]

My guy just keeps dropping *bangers* great stuff as always!

[Ajwct]

This video is extremely well made, I'm happy I can see this early.

[arianamirgholami]

As an Iranian it's painful not being able to use international payment methods crypto somewhat helps with the situation but on person to person level not on company levels (Imagine not being able to pay for YouTube premium or buying stuff from Amazon or even buying anything from play/app store)

[NathanaelNewton]

Yay! Finally someone is going to explain this, thanks for posting!

[geneballay]

another great video (as usual) that is both timely and also contains just the right amount of history and methodology. thank you for all the work, and sharing

[theknifedude]

I support a number of “Content Creators” on Patreon but IMO I think Asianometry is the most valuable in educational content.

[bokhans]

I used to sit and type money transfers on telex machines in early 1980s, I was pretty nervous if I did it straight instead of typing it disconnected and running the paper strip while connected. This video was a bit nostalgic for me. Swift change everything. 😊

[EarthB]

You might also want to take a look at India's UPI and payment stack. Very interesting tech with rapid adoption.

[ongeri]

The fact remains that swift has also suffered the credibility it had as a neutral arbiter and that will boost the upcoming alternatives from Russia and China especially in the increasing list of countries on bad terms with the US (aka the west)

[filiecs]

A worker and friend of mine in Russia now needs to switch Banks in order for me to pay him. A total cut off of SWIFT would be devastating for us.

[ariellezen]

You are an absolute treasure, and my favorite YouTuber. Thank you for your depth and effort.

[diezgp]

Man, this channel is one of the best on YouTube.

[gabriellandau]

Love the detail, and fast turnaround. Great work!

[christopherflack]

Thank you for bringing this out so soon