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Origins and development of SWIFT, 1973–2009

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Scott, Susan V. and Zachariadis, Markos (2012) Origins and development of SWIFT, 1973–2009. Business History, Volume 54 (Number 3). pp. 462-482. doi:10.1080/00076791.2011.638502

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Official URL: http://dx.doi.org/10.1080/00076791.2011.638502

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Abstract

Research in this article traces the origins of a not-for-profit financial institution called the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT is a core part of the financial services infrastructure and is widely regarded as the most secure trusted third party network in the world, serving 200 countries with over 8000 users. The analysis focuses on how the design and current state of SWIFT was influenced by its historical origins. In order to ensure widespread compatibility in a sector experiencing asynchronous technological development, legacy Telex specifications had to be accommodated in SWIFT's design. Over time, what began as a closed ‘society’ founded to reduce errors and increase efficiency in interbank payments grew into an industry cooperative supporting an enthusiastic community of practice and transformed into an unexpected network phenomenon. SWIFT achieved such success that it has been accused of being an installed base stifling innovation. In recent years, SWIFT has had to institute new categories of membership in an effort to counter concerns about its bank-dominated governance and it continues to search for ways to meet the requirements of key constituents in the financial supply chain.

Item Type: Journal Article
Divisions: Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: Business History
Publisher: Routledge
ISSN: 0007-6791
Official Date: 2012
Dates:
DateEvent
2012Published
Volume: Volume 54
Number: Number 3
Page Range: pp. 462-482
DOI: 10.1080/00076791.2011.638502
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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