SRI established the operational, financial, and security parameters for SWIFT, the Society for Worldwide Interbank Financial Telecommunication. SWIFT was founded in 1973 by nearly 240 banks, mostly in Europe. It has become the cornerstone of international banking transactions involving 200 countries and trillions of dollars a year.
SRI’s role in SWIFT began when its founding members, struggling with both concepts and national differences, needed help with functional and organizational design. SRI offered advice, facilitated discussions, and helped resolve differences to gain consensus among SWIFT’s members.