200 countries and territories are connected to SWIFT
Now SWIFT, the new risks for banks! According to the International Monetary Fund (IMF) as background documentation for the periodic consultation with Belgium, Financial System Stability Assessment paper on Belgium was prepared by IMF to focus on Belgium Financial system stability assessment. Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro financial conditions. The risk of interbank contagion through direct exposures is low. Insurance companies are also generally resilient and the losses incurred by those that belong to banking groups do not threaten the soundness of those groups. The oversight arrangement for the Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) has proven effective, but is being challenged by new risks. Key among these are cyber security incidents in SWIFT’s global user network. To strengthen the ...