Origins and development of SWIFT, 1973–2009
Bibliographic Data
| ID | 8418902 |
|---|---|
| Authors | Scott (0000-0002-8775-9364, London School of Economics and Political Science, corresponding author), Susan V Scott, Markos Zachariadis (0000-0002-6534-781X, Cambridge School) |
| Year | 2012 |
| Volume | 54 |
| Issue | 3 |
| Pages | 462-482 |
| Publication date | 2012-06-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Business History (JOURNAL) |
| Journal identifiers | ISSN: 0007-6791 • E-ISSN: 1743-7938 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00076791.2011.638502 |
| OpenAlex | W2038015209 |
| Language | EN |
| Citations received | 6 |
| References cited | 24 |
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
Business · Corporate governance · Economics · Order (exchange · Payment · Swift · Computer Science · Digital Platforms and Economics · Finance · FinTech, Crowdfunding, Digital Finance · ICT Impact and Policies
| Unique citing works | 6 |
|---|---|
| Citations per year | 0,75 |
| Citation span | 2018 - 2026 (9) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 6 |