Rails & networks
What is SWIFT?
SWIFT is a global messaging network that banks use to send standardized payment instructions across borders. Importantly, SWIFT moves messages, not money — actual settlement still happens through correspondent accounts. It connects 11,000+ institutions and underpins most traditional cross-border payments, now migrating to the ISO 20022 message standard.
Because SWIFT only carries instructions, the speed and cost of a 'SWIFT payment' come from the underlying correspondent chain, not the network itself. SWIFT gpi added tracking and faster guarantees, but local and instant rails are increasingly used to bypass the correspondent path entirely.