The Truth About SWIFT: Why It's Still King of Finance

SWIFT is the messaging network banks use to tell each other to move money across borders. Most people get the next part wrong: SWIFT doesn't move the money, it moves the message. Almost everything about this system comes from that one distinction including how a group of hackers used it to steal $81 million from Bangladesh Bank, and why a single typo saved $850 million more. ⏱️ CHAPTERS 0:00 What SWIFT actually does (messages, not money) 0:52 Before SWIFT: the telex problem 1:56 SWIFT vs Visa: