The Role of International Settlement Interbank System In the Modern World

Abstract

The article discusses the modern interbank settlement system, including SWIFT, its impact on the global financial system, and SWIFT's role in relation to financial sanctions. The aim of the paper is to present, based on the current economic processes in the world, how SWIFT operates in Georgia, to set priority ways for the development of interbank payment systems. The introduction of modern forms and methods of payment ensures the effective operation of the banking and financial system in Georgia. Development of international standards and technologies globally. Real-time transfers contribute to the development of international trade and services. In order to improve the payment system in Georgia, it is important to develop high-tech banks so that they can meet the needs of customers. It is necessary to promote increased competition between banks. International sanctions may not be tolerated, as it is on it that the development of the country's economy is underway. Keywords: Interbank system of international payments; SWIFT; Financial sanctions; Financial message transfer system - SPFS; Russian Internal Transfer System MIR.