The paramountcy of the SWIFT interbank messaging network to cross-border payments can be measured in many ways, and SWIFT itself likes to do so with its data on transaction numbers and amounts. For instance, as of December 2022, Swift had recorded an average of 44.8 million FIN messages (payments and securities transactions) per day during the year, a year on year rise of 6.6%.
And of course, SWIFT serves as the primary interbank messaging service for financial institutions globally. It works with 11,000 member institutions and facilitates $150 trillion in transactions per year.
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