ABSTRACT
This book traces the history and development of a mutual organization in the fi nancial sector called SWIFT, the Society for Worldwide Interbank Financial Telecommunication. Over the last 40 years, SWIFT has served the fi nancial services sector as proprietary communications platform, provider of products and services, standards developer, and conference organizer (“Sibos”). Founded to create effi ciencies by replacing telegram and telex (or “wires”) 1 for international payments, SWIFT now forms a core part of the fi nancial services infrastructure. It is widely regarded as the most secure trusted third-party network in the world, serving 212 countries and over 10,000 banking organizations, securities institutions, and corporate customers. 2 Through every phase of its development, SWIFT has maintained the status of industry cooperative, thus presenting an opportunity to study broader themes of globalization and governance in the fi nancial services sector.
