SWIFT is a private joint-stock company whose shareholders come from members, and the Executive Shareholders Meeting under the leadership of 25 chairman of the board is the highest authority.

SWIFT's shareholders come from all over the world, and their practical experience in financial communications has a great influence on the company's management.

The Executive Department consists of a group of full-time personnel, led by the CEO and under the supervision of the Board of Directors.

It consists of 6 committees, of which decision-making power is delegated by the Board of Directors.

The Audit and Finance Committee (AFC) is responsible for accounting, financial statements, financial management, auditing and routine supervision, budgeting, financing and long-term financial planning, supervision of SWIFT operations and internal control.

The Board Compensation Committee is responsible for evaluating the company's performance, determining the remuneration of board members and other key executives, and is responsible for the employee compensation management allowance plan.

The board of directors also has two Business Committees (Business Committee), responsible for Banking & Payments and Securities (Securities); two Technical Committees (Technical Committee), responsible for Standards (Standards) and Technology and Products (Technical).

& Production) In order to effectively manage and supervise SWIFT, the central banks of the Group of Ten (G10) have made specific arrangements for the supervision and management of SWIFT. The National Bank of Belgium (NBB) plays a leading role in the supervision of SWIFT. The G10

Central banks assist.

SWIFT members are divided into shareholders and non-shareholders.

Shareholders (Members), including banks, eligible securities dealers (eligible securites broker-dealers) and qualified investment management institutions (investment management institutions), can hold SWIFT shares.

Members have the right to elect directors. When the shares reach a certain share, they have the right to be elected as directors.

Non-shareholders are mainly divided into three categories: non-participating members, affiliated members and participants.

(1) Non-participating members are those institutions that meet the qualifications to become shareholders but do not choose or are unwilling to become shareholders.

(2) Affiliated members are stock-holding members who have 50% direct controlling interest or 100% indirect controlling interest in the organization.

In addition, the institutional organization must also meet the requirements of Section 8, Section 1 of the Affiliate Membership Regulations.

That is, it must be the same business as the member, but must be completely controlled and managed by the participants.

(3) Participants are mainly from various institutions in the securities industry, such as securities brokers and dealers, investment managers, fund managers, money market brokers, etc.

In international trade settlement, SWIFT letter of credit is a formal, legal, internationally accepted letter of credit accepted by all parties to the letter of credit.

In May 1973, 239 banks from 15 countries in the United States, Canada and Europe announced the official establishment of SWIFT, with its headquarters in Brussels, Belgium.

It is a non-profit organization established to solve the problem that financial communications in various countries cannot adapt to the rapid growth of international payment and settlement business. It is responsible for designing, establishing and managing the SWIFT international network to facilitate the transmission and determination of international financial information among members of the organization.

routing.

It began to design computer network systems in 1974. By the summer of 1977, the construction and development of the Global Interbank Financial Telecommunications Network (SWIFT Network) system was completed and officially put into operation.

After the establishment of the organization, the number of its member banks increased rapidly year by year.

Starting in 1987, non-bank financial institutions, including brokers, investment companies, securities companies and stock exchanges, began to use SWIFT.

At present, the network has spread to more than 8,000 financial institutions in 206 countries and regions around the world, providing secure message transmission services and related interface software for the financial industry, and supporting real-time payment and settlement systems in more than 80 countries and regions.

SWIFT was connected to Hong Kong in 1980.

my country's Bank of China joined SWIFT in 1983 and was the 1034th member bank of the SWIFT organization. It was officially put into use in May 1985, becoming an important milestone in my country's integration with international financial standards.

After that, commercial banks in various countries in my country and the stock exchanges in Shanghai and Shenzhen also joined SWIFT.

After entering the 1990s, in addition to state-owned commercial banks, all foreign-funded and overseas-funded banks in China and local banks that can handle international banking business have joined SWIFT.

The use of SWIFT has also gradually expanded from the head office to branches.