Editing SWIFT (section)

== History ==

Before SWIFT's establishment, international financial transactions were communicated over [[Telex]], a public system involving manual writing and reading of messages.<ref>{{cite book| url = https://books.openedition.org/iheid/323| title = Annex 1: The History and Detailed Functioning of SWIFT| series = ECahiers de l'Institut| date = 6 September 2011| publisher = Graduate Institute Publications| isbn = 9782940415731}}</ref> SWIFT was set up out of fear of what might happen if a single private and fully American entity controlled global financial flows – which before was [[First National City Bank]] (FNCB) of New York – later Citibank. In response to FNCB's protocol, FNCB's competitors in the US and Europe pushed an alternative "messaging system that could replace the public providers and speed up the payment process".<ref>{{Cite journal |last1=Farrell |first1=Henry |last2=Newman |first2=Abraham L. |date=July 2019 |title=Weaponized Interdependence: How Global Economic Networks Shape State Coercion |url=https://direct.mit.edu/isec/article/44/1/42-79/12237 |journal=International Security |language=en |volume=44 |issue=1 |pages=42–79 |doi=10.1162/isec_a_00351 |s2cid=198952367 |issn=0162-2889|doi-access=free }}</ref>

SWIFT was founded in [[Brussels]] on 3 May 1973. Individuals who played a key role in its creation included bankers Jan Kraa (at [[AMRO Bank]]) and François Dentz (at the [[Banque de l'Union Parisienne]]) as well as [[Carl Reuterskiöld]] and [[Bessel Kok]], who became respectively its first two chairmen and chief executives.{{R|ScottZachariadis|p=14-16}} It was initially supported by 239 banks in 15 countries. It soon started to establish common standards for financial transactions and a shared data processing system and worldwide communications network designed by [[Logica]] and developed by the [[Burroughs Corporation]].<ref>{{Cite web |title=Logica history |url=http://www.logica.com/we-are-logica/about-logica/history-and-key-milestones/ |access-date=8 February 2012 |archive-date=20 October 2011 |archive-url=https://web.archive.org/web/20111020113048/http://www.logica.com/we-are-logica/about-logica/history-and-key-milestones/ |url-status=dead }}</ref> Fundamental operating procedures and rules for [[legal liability|liability]] were established in 1975, and the first message was ceremonially sent by [[Albert II of Belgium|Prince Albert of Belgium]] on {{date|1977/05/09}}.{{R|ScottZachariadis|p=19}}

SWIFT's first non-European operations centre was inaugurated by Governor [[John N. Dalton]] of Virginia in 1979.<ref name="swiftobituary">{{Cite web |date=March 2006 |title=Carl Reuterskiöld |url=http://www.swift.com/about_swift/press_room/swift_news_archive/home_page_stories_archive_2006/61159/carl_reuterski_ld.page? |archive-url=https://web.archive.org/web/20120124174712/http://www.swift.com/about_swift/press_room/swift_news_archive/home_page_stories_archive_2006/61159/carl_reuterski_ld.page |archive-date=2012-01-24 |access-date=7 September 2012 |publisher=SWIFT}}</ref> In 1989 SWIFT completed a monumental new head office building in [[La Hulpe]], designed by [[Ricardo Bofill Taller de Arquitectura]].<ref>{{Cite book |title=Ricardo Bofill Taller de Arquitectura: Architecture in the era of local culture and international experience |date=2009 |publisher=RBTA |editor-last=Serena Vergano |page=130}}</ref>