SWIFT - a messaging system used by banks and  other financial institutions all over the world.

SWIFT - 世界各地的銀行和其他金融機構使用的資訊傳遞系統。

SWIFT stands for the Society for Worldwide  Interbank Financial Telecommunication,  

SWIFT是全球銀行間金融電信協會（Society for Worldwide Interbank Financial Telecommunication）的縮寫。

and it's been around for almost five decades.

而且它已經存在了近五十年。

It's headquartered in Belgium  and is controlled by the G-10's  

它的總部在比利時，由10國集團的控制。

central banks, as well as  the European Central Bank.

中央銀行，以及歐洲中央銀行。

It was founded with 239 banks in  15 countries, and now connects  

它成立時有15個國家的239家銀行，現在連接著

more than 11,000 member banks in 200-plus  countries and territories around the world.

在全世界200多個國家和地區的11,000多家會員銀行。

Trillions of dollars'-worth of currency  

價值數萬億美元的貨幣

is sent across borders every single  day - and it's largely thanks to SWIFT.

每天都有大量的數據跨越國界發送，這主要歸功於 SWIFT。

Before SWIFT, the world used  telex – or a telegraphic  

在SWIFT之前，世界上使用的是電傳--或稱電報。

transfer - to transfer funds internationally.

轉移 - 在國際上轉移資金。

The system was slow, usually taking between  two to four business days to complete a  

該系統很慢，通常需要兩到四個工作日才能完成。

transfer and it involved describing each  transaction with sentences instead of codes.

轉移，它涉及用句子而不是代碼來描述每筆交易。

So how does SWIFT work,  

那麼，SWIFT是如何工作的。

and what happens if you lose access to this  important part of the international economy?

如果你失去了進入國際經濟這一重要部分的機會，會發生什麼？

SWIFT is how banks communicate  - securely and quickly.

SWIFT是銀行的通信方式--安全而迅速。

Let's say I want to send money from  Singapore to my friend Tom in the U.K.

比方說，我想從新加坡給我在英國的朋友湯姆寄錢。

My bank is going to require a few details like  Tom's account number and his bank's SWIFT code,  

我的銀行將要求提供一些細節，如湯姆的賬號和他的銀行SWIFT代碼。

which is a unique 8–11-character code  that identifies each bank in the network.

這是一個獨特的8-11個字符的代碼，用於識別網絡中的每個銀行。

Once I've keyed those in, SWIFT  sends messages between the two banks.

一旦我輸入了這些資訊，SWIFT就會在兩家銀行之間發送信息。

Remember, SWIFT is a messaging  platform, not a payments system.

請記住，SWIFT 是一個消息傳遞平臺，而不是一個支付系統。

If these banks have an account with each other,  

如果這些銀行相互之間有一個賬戶。

they authenticate the payment request  and Tom receives his funds transfer.

他們驗證了支付請求，湯姆收到了他的資金轉移。

If the banks don't have a relationship, the  banks would be sent through intermediary banks  

如果銀行沒有關係，就會通過中介銀行來發送

until the payment request is verified  for Tom to receive his money.

直到付款請求被核實，湯姆才能收到他的錢。

Because many institutions do not have accounts  with one another, they rely on intermediaries.

因為許多機構彼此之間沒有賬戶，它們依靠中介機構。

And these intermediaries usually  have a presence in the United States,  

而這些中介機構通常在美國都有存在。

given the dominance of the greenback, which  means they can be policed by U.S. authorities.

鑑於綠幣的主導地位，這意味著它們可以受到美國當局的監管。

Alistair Milne, a professor of  financial economics, explains more.

金融經濟學教授阿利斯泰爾-米爾恩解釋了更多。

It's really about secure  

這其實是關於安全

automated payments, so they help banks make  payments to each other in a secure way,  

自動支付，所以他們幫助銀行以安全的方式相互支付。

but particularly in an automated way so that  everything integrates with the bank's systems.

但特別是以一種自動化的方式，使一切都與銀行的系統相結合。

While SWIFT is overseen by a neutral  organization, its influence has made  

雖然SWIFT是由一箇中立的組織監督，但它的影響力已經使

it a tool for policymakers to impose economic  sanctions on countries that step out of line.

它是政策制定者對越軌國家實施經濟制裁的工具。

In February 2022, several Russian and Belarusian  banks were barred from the SWIFT network,  

2022年2月，幾家俄羅斯和白俄羅斯銀行被禁止進入SWIFT網絡。

as part of economic sanctions  after Russia's invasion of Ukraine.

作為俄羅斯入侵烏克蘭後經濟制裁的一部分。

It's become a symbol. So, it says  we can exclude you from Swift,  

這已經成為一種象徵。所以，它說我們可以把你排除在斯威夫特之外。

and that's kind of a substantial threat.

而這是一種實質性的威脅。

But really, it's shorthand for saying  we're going to exclude you from  

但實際上，這只是說我們將把你排除在

financial transactions around the world.

世界各地的金融交易。

However, Russia's not the first country  to be disconnected from the SWIFT system.

然而，俄羅斯並不是第一個從SWIFT系統中斷開連接的國家。

North Korea and Iran have  also had their banks barred.

北韓和伊朗的銀行也被禁止營業。

What that kills is the automation of payments.

這所扼殺的是支付的自動化。

What SWIFT allows is for all the messaging  to integrate into the bank systems,  

SWIFT所允許的是所有的資訊傳遞都能整合到銀行系統中。

and so there's no manual intervention.

是以，沒有人工干預。

If I'm sending $100 somewhere around the world,  

如果我把100美元寄到世界某處。

SWIFT will make sure that gets through, and the  true cost of that is probably only a few cents.

SWIFT將確保這一點，而真正的成本可能只有幾分錢。

But if I do it manually, it could easily cost $100  

但如果我手動操作，可能會很容易地花費100美元。

or more to get people to make  the necessary telephone calls.

或更多，以使人們打出必要的電話。

But for the big payments of a million  dollars, the automation, convenient,  

但對於百萬美元的大額支付，自動化，方便。

maybe it helps get things done a bit quicker, but  in the end, it doesn't matter so much, they can  

也許這有助於更快地完成工作，但最終，這並不那麼重要，他們可以

still communicate, and get banks – if the banks  are willing – to make those transactions anyway.

仍然可以溝通，並讓銀行--如果銀行願意--無論如何都要進行這些交易。

SWIFT is a critical part of the  world's financial infrastructure,  

SWIFT是世界金融基礎設施的一個重要組成部分。

but it isn't the only system  for international transactions.

但它並不是國際交易的唯一系統。

For example, the Russian Central Bank  

例如，俄羅斯中央銀行

set up the System for Transfer of  Financial Messages or SPFS in 2014.

在2014年建立了金融信息傳輸系統或SPFS。

As of February 2021, it had about 400  users - mostly Russian banks and legal  

截至2021年2月，它有大約400個用戶--主要是俄羅斯的銀行和法律機構。

entities. 23 of the users were foreign banks.

實體。其中23個用戶是外國銀行。

China is also trying to create its system.

中國也在努力創建自己的體系。

In 2015, the People's Bank of China  established the CIPS network – the  

2015年，中國人民銀行建立了CIPS網絡---。

Cross-Border Interbank Payment System.

跨境銀行間支付系統。

By 2019, it reached more than 3,000 banks directly  and indirectly, across 167 countries and regions.

到2019年，它在167個國家和地區直接和間接地達到了3000多家銀行。

I think the CIP system can be quite  attractive for Renminbi transactions.

我認為CIP系統對人民幣交易有相當大的吸引力。

So when China is engaged in trade with  particularly, its near neighbours, we don't know  

是以，當中國與特別是其近鄰進行貿易時，我們不知道

what's going to happen as a fallout of the Russian  invasion of Ukraine, but it's certainly possible  

俄羅斯入侵烏克蘭的後果會發生什麼，但這肯定是可能的

that a response to Western sanctions, Russia  will be engaging in greater trade with China.

作為對西方制裁的迴應，俄羅斯將與中國進行更大的貿易。

And one can certainly see the  payments messaging for all those  

人們當然可以看到所有這些的付款資訊。

products and services going through  the Chinese system, rather than SWIFT.

產品和服務要通過中國的系統，而不是SWIFT。

How hard or easy is it for a bank  to join alternative networks?

銀行加入替代網絡有多難或多容易？

It's hard to see that being used much  outside of those specific countries.

在這些特定的國家之外，很難看到它被大量使用。

Ultimately, you want to deal directly as possible  with the banks you have relationships with, and  

最終，你希望儘可能直接與你有關係的銀行打交道，並且

SWIFT is in a very strong position in being  able to provide that required connectivity.

SWIFT 在能夠提供這種所需的連接方面處於非常有利的地位。

With any sort of legacy technology, you do  have the stickiness that occurs with it.

對於任何一種遺留技術，你都會有隨之而來的粘性。

Caroline Malcolm heads policy at  blockchain data platform Chainalysis.

Caroline Malcolm是區塊鏈數據平臺Chainalysis的政策負責人。

I asked her whether cryptocurrency and blockchain  solutions such as Ripple could replace SWIFT.

我問她，加密貨幣和區塊鏈解決方案，如瑞波，是否可以取代SWIFT。

There's an adoption curve that really happens.

有一個真正發生的採用曲線。

You have your crypto native  companies, for example.

例如，你有你的加密貨幣原生公司。

You've got your sort of fin-techs, and then you've  got your more traditional financial players.

你有你的那種金融技術，然後你有你更多的傳統金融參與者。

At that end of the spectrum, your  traditional financial players,  

在這一端，你的傳統金融參與者。

you are looking at a number of different  issues in terms of how to integrate,  

在如何整合方面，你正在看一些不同的問題。

how to actually participate in new  payment systems like crypto-based ones.

如何實際參與新的支付系統，如基於加密貨幣的系統。

But there's also a sort of  an education process as well,  

但也有一種教育過程。

that has to happen both inside these  institutions, but also with customers.

這必須在這些機構內部發生，但也必須與客戶發生。

How effective could cryptocurrency be  as a workaround for economic sanctions?

加密貨幣作為經濟制裁的變通辦法，能有多大效果？

There's a number of reasons why crypto  is probably not your tool of choice.

有很多原因表明加密貨幣可能不是你的首選工具。

One, just as we have in traditional finance,  crypto has systems in place which allow people to  

第一，就像我們在傳統金融中一樣，加密貨幣有相應的系統，可以讓人們

be alerted if they are actually interacting  with a sanctioned entity or individual.

如果他們實際上是在與受制裁的實體或個人互動，就會被提醒。

Secondly, blockchain, on which crypto is  based, is a permanent, immutable record that  

其次，加密貨幣所基於的區塊鏈是一種永久性的、不可改變的記錄，它可以

is publicly available of all transactions  that have taken place on that blockchain.

是該區塊鏈上發生的所有交易的公開資料。

Should SWIFT be afraid of blockchain technology?

SWIFT應該害怕區塊鏈技術嗎？

I don't really recognize that view  of SWIFT is ripe for disruption.

我並不真正認識到，對SWIFT的看法是成熟的破壞。

I know there're a lot of technology start-ups  who claim that they can grab a big piece of the  

我知道有很多技術初創公司宣稱他們可以抓住一大塊市場。

action, but I think we've got to remember the  importance - in payments – of network effects.

行動，但我認為我們必須記住網絡效應的重要性--在支付方面。

It's really very difficult to try and attract  all 11,000 banks on to another system,  

試圖吸引所有11000家銀行加入另一個系統真的非常困難。

and especially which actually,  on the whole, works pretty well.

特別是其中實際上，從整體上看，效果很好。

And 95% of SWIFT payments throughout the world,  they're all completed comfortably within 24 hours.

而全世界95%的SWIFT支付，都是在24小時內舒適地完成。

That's not to say that SWIFT is perfect.

這並不是說SWIFT是完美的。

All this discussion about disruption has been  quite positive because it's actually accelerated  

所有這些關於破壞的討論都是相當積極的，因為它實際上加速了

changes in the SWIFT system, including the GPI.

SWIFT系統中的變化，包括GPI。

GPI stands for Global Payments Innovation.

GPI是指全球支付創新。

It was launched in 2017 to provide  end-to-end tracking of funds,  

它於2017年推出，提供端到端的資金追蹤。

to increase the speed of payments, and to help  make international payments more transparent.

以提高支付速度，並幫助使國際支付更加透明。

SWIFT doesn't actually transfer money per se.

SWIFT實際上並不轉移資金本身。

It's transferring information like banking orders.

這是在轉移資訊，如銀行訂單。

What's interesting about a system  

一個系統的有趣之處在於

based on blockchain is that you will have certain  services which continue to be intermediate,  

基於區塊鏈的是，你會有某些服務，這些服務繼續是中間的。

like centralized crypto exchanges, for example,  but it also allows people to hold their own funds,  

例如，像集中式的加密貨幣交易所，但它也允許人們持有自己的資金。

their own different forms of value and allows  you to control that in a very direct way.

他們自己不同的價值形式，並允許你以非常直接的方式控制。

And I think what we've seen in terms of  how the industry evolves, is that that's  

我認為我們在行業發展方面所看到的是，那是

something that some people want to do. They  want to have that sort of personal control.

一些人想要做的事情。他們想擁有這種個人控制權。

Other people still want to keep using  an intermediated service. But the nice  

另一些人仍然想繼續使用中介服務。但是，好的

thing about this technology is that  it finally gives people that choice.

這項技術的好處是，它最終給了人們這種選擇。

With blockchain technologies still developing,  rerouting the globe's financial transactions  

隨著區塊鏈技術的不斷髮展，全球金融交易的重新佈局

through smaller messaging  networks, remains unlikely for now.

通過較小的資訊傳遞網絡，目前仍然不太可能。

However, in the long-term,  these networks could mature,  

然而，從長遠來看，這些網絡可能會成熟。

and the way money moves  around the world could change.

而資金在世界範圍內流動的方式可能會改變。

You don't detach from a legacy  technology or legacy system like  

你不會脫離一個遺留技術或遺留系統，如

SWIFT overnight. There's been huge  amounts of investments in that.

SWIFT在一夜之間。在這方面已經有了大量的投資。

But there are certain capabilities and  features which blockchain based systems  

但基於區塊鏈的系統有某些能力和特點

have that can't be matched by traditional systems.

具有傳統系統所不能比擬的優勢。

One of the more interesting developments is  what's known as central bank digital currency.

其中一個更有趣的發展是所謂的中央銀行數字貨幣。

It's certainly possible that in 10-15  years' time that businesses and individuals  

當然，在10-15年後，企業和個人有可能

will get quite used to exchanging digital  currencies, perhaps directly with each other.

將會相當習慣於交換數字貨幣，也許是直接相互交換。

Now, in that case, the role of SWIFT  would begin to change. It will still be  

現在，在這種情況下，SWIFT的作用將開始改變。它仍將是

the messaging to support international payments,  

支持國際支付的資訊傳遞。

but they would have to adapt to take  account of that new type of payment.

但他們必須進行調整，以考慮到這種新的支付類型。

That's certainly a possibility for the future.

這當然是未來的一種可能性。