Neutrality and Governance in a Weaponized World

Abstract

About a decade ago, the neural network of the international financial system underwent an identity crisis. Since its establishment in 1973, the Society for Worldwide Interbank Financial Telecommunication (Swift) had become the world's dominant system for transmitting information about financial transactions, handling up to 20 million messages per day across 212 jurisdictions. The Belgium-based company reached this position by providing customers with a reliable, confidential, and global system to exchange information. “[W]e have always maintained the position that we are like the internet,” Swift chief executive officer Gottfried Leibbrandt said in an October 2012 interview, “we connect everybody and we do not listen in on the conversation.” In other words, to borrow a phrase from its website, “Swift is neutral.”