Published On 4/27/2026
In the heart of the global financial system, where billions flow across borders in a few seconds, money is no longer transferred in bags or through traditional means, but rather passes through a complex system of encrypted messages that control the rhythm of the international economy.
Among these systems, the SWIFT system stands out as one of the most influential tools, not only technically, but also politically, to the point that it has become present at the heart of major international crises.
In a report broadcast by Al Jazeera Network, Asma Ali reviews the nature of this system, explaining that SWIFT – which is an abbreviation for “Society for Global Interbank Financial Telecommunications” – does not actually transfer money as is widely believed, but rather works as a very secure messaging network, similar in function to communication applications, but intended for banks and financial institutions.
Through this system, documented payment orders are sent between banks, including details of financial transactions and the identities of the parties, ensuring that transfers are carried out through various banking channels.
Organizing financial transfers
The strength of this system, according to the report, lies in the fact that it is the common language relied upon by more than 11,000 financial institutions distributed in about 200 countries, which gives it a monopoly position in regulating international financial transfers. SWIFT provides unified standards that allow operations to be completed quickly and efficiently, while its absence results in banks being forced to use alternative, less secure and more expensive means, which increases operational risks and complicates the movement of funds.
However, this technical role quickly turned into a political pressure tool, as excluding any country from the system amounted to almost complete financial isolation. Countries that are denied access to SWIFT find themselves unable to pay for their basic imports, such as food and medicine, or collect revenues from their oil and gas exports, leading to a severe economic contraction and a decline in the value of the local currency.
These repercussions were clearly evident when this measure was used against Iran in 2012, and then against major Russian banks in 2022 against the backdrop of the Ukrainian crisis.
This influence raises questions about who actually controls this system. According to the report, SWIFT is officially managed from Belgium and subject to European laws, as a global cooperative. However, the reality reveals a wide indirect American influence, mainly due to the dollar’s dominance in international transactions. Banks and financial institutions around the world fear violating American trends, for fear of being subjected to sanctions or being denied access to the dollar-based financial system, which gives Washington a great ability to use SWIFT as an economic deterrent tool.
In conclusion, the SWIFT system is no longer just a technical infrastructure to facilitate transfers, but rather has turned into one of the pillars of strength in the international system, where economic interests intersect with geopolitical calculations. While it was designed to be a neutral platform, global transformations imposed on it a role that goes beyond its original function, to become an effective tool in managing economic conflicts, as controlling the flow of financial messages has come to mean, in practice, the ability to influence the arteries of the global economy and cut them off when needed.
