The proposed removal of selected Russian banks from the Swift financial messaging platform in response to the country’s invasion of Ukraine can be easily side-stepped, according to industry experts.
“Swift is a platform that moves data from one party to another,” says Peter Klein, chief technology officer at treasury platform provider, FinLync. “There are other ways to move that data. Before Swift, it was done by telefax and over the phone and, in fact, that still happens today. So, by disabling one automated channel, there are still other channels to send that data.”
