“What is SWIFT and why is it so important?”
Payments done across countries can be difficult with all the different ordering systems and languages. So what if we were to have a centralized system to facilitate this? Well, this just so happens to be the idea behind SWIFT, or the Society for Worldwide Interbank Financial Telecommunication. SWIFT facilitates payment requests and does record-keeping for transactions between banks around the world. If a country is kicked off SWIFT, then it can make international transactions much more difficult and hike up the cost of doing so.
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