Reference : Global networks of finance and information at the crossroads: correspondent banking a...
Scientific journals : Article
Social & behavioral sciences, psychology : Human geography & demography
Global networks of finance and information at the crossroads: correspondent banking and SWIFT
Robinson, Gary mailto [University of Luxembourg > Faculty of Humanities, Education and Social Sciences (FHSE) > > ; Luxembourg Institute of Socio-Economic Research (LISER) > Department of Urban Development and Mobility > > ; Ghent University > Department of Geography]
Dörry, Sabine mailto [Luxembourg Institute of Socio-Economic Research (LISER) > Department of Urban Development and Mobility]
Derudder, Ben [KU Leuven > Public Governance Institute > > ; Ghent University > Department of Geography]
Global Networks
[en] cross-border payments ; geopolitics ; financial messaging ; sanctions ; SWIFT ; financial geographies ; correspondent banking ; financial infrastructure ; payments ; information networks ; financial data ; money ; settlement
[en] This article explores how transaction information is a fundamental element enabling and fostering global flows of money. Financial systems, constructed around account-based money, require infrastructure, which is separated into two parts: messaging and settlement, performed via trusted agents. This separation has allowed the geographical expansion of banking, and to this day constitutes a key architecture of increasingly global networks of money. Focusing on the correspondent banking system and the Society for Worldwide Interbank Financial Telecommunication, this article demonstrates the workings of this infrastructure in cross-border payments and in enacting economic sanctions. This sociotechnical infrastructure is a crucial yet overlooked area of global banking, which makes global economic and financial activity possible in the first place. Importantly, by analysing the organizational architecture of the global payments system and including the actors and agencies within it, we elucidate the (changing) relationships between data/information, geographies and power, contributing to the formation of a literature that conceptualizes financial infrastructure.
Luxembourg Institute of Socio-Economic Research - LISER; Ghent University
Luxembourg National Research Fund (FNR) ; Research Foundation Flanders (FWO)
Stabilising an unstable industry: The role of agency in interconnecting international financial centers (FINWEBS)
Researchers ; Professionals ; Students ; General public
This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. ©2022 The Authors. Global Networks published by John Wiley & Sons Ltd.
FnR ; FNR11312037 > Sabine Dörry > FinWebs > Stabilising An Unstable Industry: The Role Of Agency In Interconnecting International Financial Centres > 01/09/2017 > 31/08/2021 > 2016

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