In the 19th century, there were two options to sending money: a coach to physically carry funds or a telegram that transmitted the request through a wire. Today, bank transfers are based on the same technology that was used to send telegrams more than 150 years ago.
The most recent advancement in wire transfers was the establishment in 1973 of Swift, a messaging network that allows banks and other financial institutions worldwide to send and receive encrypted information, mainly for cross-border transfers.
