SWIFT

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The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a Belgian cooperative society which provides an electronic system for executing international financial transactions and payments between banks.

It has been used by the United States as a means punishing maligned countries such as Iran which contravene the Western Liberal Order.[1]

Alternative interbank payment systems such as Russia's SPFS and China's CIPS are facilitating dedollarization.[2][3][4]

References