ABSTRACT
In this chapter, we draw together an account of how this multifaceted cooperative organization works. In the fi rst part of the chapter we relate what SWIFT does to its cooperative society status and consider how the principles of that model manifest in its governance of multiple stakeholder groups. In the next section we take a second, more detailed look at SWIFT, putting it in context alongside payment systems and analyzing the role of telecommunication technology in the transmission of standardized messages across the network. This deeper foray into the business landscape will help the reader understand more about the signifi cance of payment infrastructures and place SWIFT within its fi eld of business. This is particularly important because in order to understand how SWIFT works we need to distinguish its role from that of a traditional payment system. In so doing we draw out its distinctive status as a message carrier and highlight its unique contribution in the payment process. Having clarifi ed SWIFT’s position in the business world, we then discuss how it has achieved and upheld its most signifi cant attribute: secure operations. Finally, we consider how SWIFT’s cooperative principles manifest through practitioner community outreach at Sibos (SWIFT’s International Banking Operations Seminar).
