SWIFT system explained and why Russia hasn't been fully banned from it (yet)

A detailed explanation of exactly how the SWIFT network works for facilitating cross-border payments and the devastating impact it would have on Russia if they were banned from it. Plus, the reasons why countries are OPPOSED to banning Russia from SWIFT (for now).
00:00 Intro
00:50 What is SWIFT?
01:51 Before SWIFT was TELEX
02:57 SWIFT/BIC Code example
03:38 Nosto/Vostro Accounts
03:49 Cross Border Payment Example
04:16 Why cut Russia off from SWIFT?
05:22 Why are countries hesitating to ban Russia from SWIFT?
Ways to help the people of Ukraine:
Links from The Globe and Mail: www.theglobeandmail.com/world...
Links from NPR.org: www.npr.org/2022/02/25/108299...
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#SWIFT #sanctions #russia

[@perrywilliams4593]

As of 19 hours after this video is posted, the allies have decided to cut Russia off from the swift banking system! And that’s why I’m here to learn what Swift banking is.

[@KT-pw2in]

Yep = Happy for this first step, next is oil, his people need to force him to withdraw ASAP

[@sungshin393]

Only certain banks, not all Russian’s banks.

[@etanick1]

@@sungshin393 correct...people don't read or listen very well.

[@jesseroberts1041]

@@etanick1 I mean, they're hitting them hard. Putin is visibly stressed from this shit.

[@sungshin393]

@@jesseroberts1041 Putin would not back down! He will eventually take over entire Ukraine. However, there would be a new war. A proxy war within the country. And, continue fighting between Ukrainian freedom fighters and Russian install puppet government.

[@XiangYu94]

Awesome explanation, I currently work in a large Canadian bank and we’re watching the situation closely in regards to SWIFT / AML blocks. You’ve gained a subscriber!

[@Greg_call]

FINALLY...I now understand SWIFT. Thanks for taking the time to create this informative video. I feel much smarter now. Now must figure out why my used car APR is 37.99% and my 50" TV from Aarons is now exceeding $4,400 with 17 more payments until paid.

[@imtheone214]

37.99% APR is because you have bad credit? That's ridiculous.

[@jacknasty6940]

😂 Bad credit?

[@jayjones2791]

🤣😂😂😂🤣😂

[@jayjones2791]

Dude you can get a 75 inch from Walmart for less than $700 lol I would loveeeee to sell you a TV😳

[@jackpot7898]

Now this is called Power of simplicity. Well explained. Thank you!

[@MrUhak]

Succinct and straight to the point, explaining all important aspects. Great video!

[@aathivive]

Thank you 🙏🏾 for educating us.

[@baudddsss]

thanks for the info preet

[@BellumNonAequa]

Very logical and insightful video, thanks for this.

[@egdapo]

Preet, thank you for this good, concise job of this presentation. Executed with extra fluff. Bravo!

[@juanotavalo]

I just love your explantion thanks bro

[@Tijiani]

Excellent explanation 👌 well done 👏

[@vee361-e1c]

Amazing explanation, thank you!

[@kas8970]

A+ video. Very professional, interesting cuts and slides, high quality microphone, no bias or commentary. Long live Ukraine.

[@roncallahan40]

Thank you so much for explaining this sir.

[@friendlygiant2502]

Great explanation!! AML would be a great topic to cover!

[@jorgetoloza269]

Preet ur the Man Bro..now I understand...thank you...You now have 1 more subscriber.. Grettings from Fort Lauderdale, Florida

[@alwyjahdhamy8094]

Understood thanks for the explanation

[@zeissmanzeissman5852]

Great Job!

[@PreetBanerjee]

Thanks!

[@gathua]

Insightful!

[@Blublod]

Another excellent explicatory video, Preet. It had already occurred to me that cutting off Russia from SWIFT would hurt Russia yes, but also its creditors and debtors (those who owe Russia, but more importantly those to whom Russia owes), hence Europe’s hesitation as dependent as they are on Russian energy (talk about strategic blunders). But I wonder if you could explain (in another video perhaps), how China, being the world’s second largest economy) might be able to thwart restrictions on Russia if she was cut off from SWIFT for example, but more broadly, from the sanctions imposed by the U.S. and Allies. Keep up the great work.

[@johnsoncao3114]

1. China has own systems like CIPS by China central bank PBOC; 2. China trade amounts far bigger than Russia’s; basically many nations or districts have business with China; 3. If USA initial the cut off for China, the US Dollar lose the dominant weights, that’s USA do not wanna to see.

[@jojothepolyglot1866]

Rússia also started their own system 8 years ago after taking Crimea in anticipation of being blocked from swift and they only had few banks outside Russia connected to it so I guess they might ask whoever does business with them to connect

[@michaelebertz7651]

Thank you for the swift explanation

[@ekunited1505]

Thank you Sir for explaining what SWIFT is.

[@pimboner1036]

Am I the only one that thinks that blocking Russia from SWIFT will shift a large part of cross border payment processing between Russia and abroad to blockchains?

[@marcelgraf5520]

yes

[@88miha]

If they weren't prepared, they wouldn't go for this mayhem.

[@AdityaVaid]

Just for ur info bharat has developed a robust payment ecosystem too. Upi & rupay

[@AdityaVaid]

Modi will seize ever opportunity

[@melvinpatomendoza]

One my of fave channel. +1

[@DetinuTrackmania]

great video

[@ThuvaT]

This is such a great explanation. Thanks man!

[@argorash-2903]

Do you use your BIC Code on an ATM Machine or is it just when you send payments from a PC Computer?

[@issifumarijan7863]

Good explanation

[@misclic2408]

ty u sir

[@usa5566]

Thanks 4 translation… u a bad ass

[@mongrelrat]

Quick question: couldn't Russians simply open a new banking account in the russian bank(s) not banned from SWIFT yet to skip the problem?

[@SahilG23]

So well explained not only Swift but impacts. My good wishes are with people of both countries. Its common man of both country that will suffer.

[@vinodpractical]

Nicely and SWIFTLY explained

[@Sam-nb1rm]

Thanks! Very clearly explained. I heart goes to Ukraine as well!

[@aakhyasinha8851]

how can i transfer my money from my indian account, i’m studying in russia currently!

[@oniflixyt6984]

Thank you for the knowledge ❤️ very interesting btw I'm from Philippines we are now suffering high prices .hope war will end in Ukraine

[@ssb9054]

দারুন হয়েছে video টা দাদা।

[@Abbatyya]

I think Putin doesn't bother about SWIFT, although I have seen a video where he was asked about the economy of Russia and he stated that they have 800+ dollars in their bank account

[@MzansiStoriesOfficial]

but is this not basically weaponizing banking system and would this not make other countries to start doubting using it since they would fear such incidences of economic war

[@PreetBanerjee]

That would depend on how liberally it’s used. And other countries are also developing out replacement systems. But then the same worries arise. It’s not so much about the tactic itself, it still comes down to politics and foreign policy. The tools might change, but the overarching goals for nations adapt to using what tools are available at the time, I think.

[@jacksondouglas5694]

Why not cut-off just only 25 % of the translations messages ?

[@KPAU07]

It just messages sent. back in 1970 there is no email or smart phone. there really no need for messages when other mean are available. Only thing money transfer would be delayed. Just my thought.............

[@nicktrevi2990]

Could RU develop an alternate Asian Swift system with China and India?

[@CaliJatt0809]

I doubt India would be on board with this. They have too much to lose with the U.S. in order to appease Russia. Although Russia and India are considered friends, it's only because India has to keep China at bay.

[@jaqafle]

Cips is allredy in operation

[@udmann1]

This is why the BRICS Bank (Brazil, Russia, India, China, South Africa) was created; so these nations, and more that have been added since, can bypass the (IMF) International Monetary Fund, (SDR) Special Drawing Rights basket of currencies (U.S. Dollar, Euro, Pound Sterling, Japanese Yen), and the SWIFT payment system. If China backs their Yuan in Gold = death to the Dollar!!!

[@johnsoncao3114]

Actually Russia has own payment system called SPFS, also China has CIPS….etc.. check a report several years ago. kzbin.info/www/bejne/rmWwfYCqpKaFldU

[@danking1706]

This video aged well

[@takeshigamer6172]

What happen if russian bann nord stream 1?

[@joseph20yearsago61]

Investopedia?

[@paleyosezi3122]

There is a lot of pressure for people to say they stand with the people of Ukraine wether they believe it or not otherwise there will be severe consequences

[@user-bd4lu6kb4s]

The countries invaded by the United States include: Afghanistan, Iraq, Libya, Syria, the Republic of Haiti, Lebanon, Honduras, Kosovo, North Korea, Vietnam, Grenada icon, Panama, Liberia, Cuba, Somalia, dominia, Yemen, Bosnia and Herzegovina, Palestine, Laos and Cambodia, with a total of 22 countries invaded.

[@CaliJatt0809]

U.S. > China and it's not even close.

[@sbojan83]

@C41 The baltic states, finland, austria, hungary, romania, bulgaria, ukraine, were with the bad guys from 1930's/1940s. Czechoslovakia was liberated from said bad guys from the 30's/40's. Georgia, armenia, azerbaijan, chechnya were liberated from the ottoman empire. The US never invaded palestine, but they support israel in every imaginable way possible. Soviet union was initially invited into afghanistan by it's government, and the taliban were financed/trained by the US to terrorize and eventually take over.

[@Spiritualwarfare587]

Who told u they got invaded they got free and democracy. Say hi to your communists dictator xi ping

[@johnnaden6624]

They are now

[@kjwong4730]

Excellent education video. I been following the economic sanctions on Russia very closely and had no idea what swift even was. Thank you for this lesson. Explained very clearly and concise. I’m glad to see Russia was excluded from swift, but if you don’t cut off oil exports and imports, it’s not going to hurt them.

[@lulumelo7929]

I’m here because it has happened and i don’t know what swift is

[@ibenzal]

4:10 Don't think it was a dirty explanation ❤

[@PreetBanerjee]

Thanks Iban!

[@tomtom7987]

I think will affect entire world, including crypto investor. If Russia somehow start using blockchain as one of payment. I think many west countries will use this as a reason to ban crypto trading. If this happens it sucks

[@protennis365]

Good luck on that. Western country try to ban cocain, but still worth a lot.

[@La_sagne]

theres no BIC code.. theres just BIC

[@ArjunSureshtheman]

Just like ATM machine

[@PreetBanerjee]

Fair point

[@pochi7221]

They cut them off so I’ve heard

[@gt4654]

That did't age well...

[@adamguymon7096]

3:58 Let's not only cut off the code but let's cut out the middle part so their money won't be accepted? We should cut off their communication like if someone lives in the US they can't call Russia? 5:32 Send in the military and protect the power and gas plants so the Rusha people will no longer have control of them?

[@billgator2005]

although i appreciate the swift explanation, your comments on brutal invasion of ukraine brought politics into an otherwise useful video. if you really want to help the world, explain the true reason for all this trouble in the ukraine and that is the usa's need to control fuel supply to europe. additionally this war will help entrench more euro nato countries further in debt and dependency on usa. if nato coountries can achieve a ukraine that is with them them ukraine will forever be looted by their debt and more. if russia suceeds in aligning with ukraine, then may the ukrainian people will have a future. they common good people are being sold a bag of rotten apples by nato/ usa with the freedom call and this thing called democracy.

[@nishasanghvi]

Absolutely...!

[@Valhura77]

It's OK he probably gets his news from CNN, FOX, SKY, BBC or any of the mainstream military industrial media complex propaganda outlets, not one of which even spent a nano second presenting Russia's motivation, they just spew from the same CIA approved script, it's because Putin is a madman who wants to rebuild the USSR. What scares me is all the drones who know the likes of CNN pushed for in Iraq with no justification or evidence to back up the warhawks in the US government, but now believe every piece of bullshit as hard fact, like Russia attacked a nuclear power plant

[@letitbehappy123]

Well I must say swift explanation wasn't that dirty. ʕ´•ᴥ•`ʔ

[@baltukur3368]

China Russia has worked on alternative system

[@leshiro5574]

WW3?

[@mikej2029]

Cause it’s the bankers causing all this grief

[@Baslium]

As far as I hear EU had make the decision to cut off, but Biden has yet to make the final decision.

[@livetradingvideos4843]

কেমন আছো দাদা??

[@oqqaynewaddingxtwjy7072]

Iran North Korea has been out of swift they are still doing transfers !

[@jamesdeese61]

Audience, I stand with the people of Ukraine and its democratically elected government. The most compelling fact is that over ten years ago, the Russian central bank introduce a global payment anticipating such actions from SWIFT, the EU and US. In spite of the narrative coming from western media sources, Russia still has the ability to meet its global payments obligations. We would be fools to think that sanctions will destabilize the Russian economy. The effects of sanction will be felt indeed. The bigger picture here is that the postwar international order is becoming increasingly untenable. Have the emerging multipolar powers (eg) Brazil, India, China and Russia put the US and EU on notice? Turkey a NATO has shown support for Russia? Iran has also supported Russia? Do not get captivated by the narrative presented in western media circles ...

[@Slickpete83]

Hey Preet & crowd ,enjoy some new jokes i wrote today 👍👍, let me know what you think of them, cheers *Putin is doing an USSR reunion class of 1989 , he wants to be the VLADedictorian of his class* *When asked about Russia & the SWIFT payment system , Sleepy Jo Bidenovski replied "I want Putin to know he will not be getting my Taylor Swift tickets anytime soon"* hahahaha... *Putin said he will invade the Sun next, but he will do it at night so he doesn't burn his shoes* hahahah...

[@michaelscott4718]

if narco traffickers can figure it out im pretty sure russia will have no problem what so ever. cutting off swift really is only gonna be a small inconvience

[@roncallahan40]

People in Russia are getting cut off

[@manuelgodoyjorquera5348]

Was banned!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[@rdarmaragil3709]

Ha! ha..ha..there doesn't seem like the gentlemen from England and the USA,..

[@Scott020357]

A middleman......

[@88miha]

Luckily, the blockchain is here

[@hdtwal1den]

Clear as mud.

[@manfredmustermann6286]

Love this new Ukraine. Long live russa

[@jitendragora5187]

Are you an Indian 🤔🤔

[@severedarts9577]

I wonder what will happen to crypto when china invades Taiwan 🤔 ...

[@oliverallen5324]

Yeah bitcoin will replace Swift lol. I have no doubts.

[@bpp827]

No..

[@robincarvey7492]

War Karen!

[@inhanhhuy553]

does it have 500 dislike or 2 dislike? Fuck youtube

[@mola4everyourz]

0, get the addon that shows you dislikes: "Return KZbin dislikes"

[@alexanderrahl482]

3 dislikes.

[@greentraveler4114]

Europe: My sympathy with Ukrainian people and my oral support Ukraine as always but I will continue to buy oil and gas from Russia. Ukraine: Mummy mummy, please save me, I am begging your help. Europe: No worries, we will tae your elites just immigrate to Europe.

[@David-nw9qy]

*When it comes to the world of investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance*

[@thinklogical1780]

SCAMMMM

[@jesuscrust4946]

Bots

[@Nenad-ICXC-Shuput-GFAMMA]

Swift sucks anyways. It's horrible

[@missionmta6821]

"For we must all appear before the judgement seat of Christ; that everyone may receive the things done in his body, according to that he hath done, whether it be good or bad." 2Corinthians 5:10 "For God so loved the world, that he gave his only begotten Son(Jesus Christ), that whosoever believeth in him should not perish, but have everlasting life." John 3:16 God's will be done.. may God protect us from evil.. we are in the last days..let's start to abide, repent, confess our sins to Christ while there is still time (little time left).. Maranatha! God bless..

[@vikasphougat3926]

I stand with Russia ..