// definition
SWIFT
Society for Worldwide Interbank Financial Telecommunication
Short definition
A secure financial messaging network that carries instructions between institutions. Swift is not a bank: it does not hold funds or manage accounts for its customers. Transfers and settlement are performed by the institutions and infrastructures involved. Disconnection from messaging is distinct from an asset freeze or a transaction ban, whose scope depends on the applicable law.
risk atlas
Knowledge map
Intuition
A message may have arrived while the supplier is still waiting for its bank account to be credited.
Why it matters now
The A7 dossier calls for distinguishing payment instructions, available currency and the credit actually received by the supplier.
Related analyses
- A7: the banking detour for Russian paymentsMessaging, foreign exchange and settlement in the public record on A7.
- Stablecoins: from tokens to available dollarsReserves, redemption rights and dollars reaching a bank account.
- Iranian oil and USDTFreezing and seizure powers that persist when a holder controls the keys.
Primary sources
- Swift, FAQs: Does Swift move money? and Is Swift a bank?Messaging carries instructions; institutions transfer the funds. Read on October 15, 2026.
- Swift, About Swift section of its June 16, 2026 releaseOperator description stating that Swift does not hold funds or manage customer accounts.
- Swift, Swift and sanctionsInstitutions’ responsibilities and disconnection of designated entities under EU law. Read on October 15, 2026.
- FinCEN, proposal published in the Federal Register on October 5, 2026Administrative assessment of A7 subagents’ accounts and liquidity; the additional prohibition remains proposed.