In May 2003, we celebrated the 30th anniversary of SWIFT. I would like to take this opportunity to recognise the loyalty and support over the years from our worldwide members, national groups, user groups, working groups and board. I would also like to recognise the contributions of the SWIFT staff in helping to evolve that initial vision of the SWIFT founders into the great community and unique franchise we are today.
In 1973, banks still communicated via telex — not very secure, minimum standards and not automated either. Imagine receiving 10,000 telexes a day. So, 239 banks from 15 countries formed a cooperative to "automate the telex". They called it the Society for Worldwide Interbank Financial Telecommunication (no "s" at the end). S.W.I.F.T.
Their vision was maybe, just maybe, they could harness emerging computer technology and maneuver around the telecommunications monopolies to send standardised financial messages between themselves, securely and reliably. The goal was that the message would just get to its destination. No one worried about transit times. That's why we only have a 30-minute transit time guarantee in the User Hand Book. They hoped one day that the daily messages would grow to 300,000 each day.
Today we demonstrate the unbelievable success of their vision and courage. We are 7,600 members and participants in 200 countries. Daily messages regularly exceed 9 million. By the way, that transit time averages less than 20 seconds now.
"Let's also recognise the loyalty and support from our members worldwide. We truly are a great community and a unique franchise."
Leonard H. Schrank, CEO, SWIFT
Security and reliability are now synonymous with SWIFT. Four Pillars I helped ensure that. After 9/11, Four Pillars II will help secure us for the future too.
Our first Sibos was in 1978 in a Brussels hotel and had 300 delegates. Today's Sibos is the industry's primary annual gathering with over 6,000 attendees — conference delegates, exhibitors, speakers, press and SWIFT staff. We need to plan for Sibos years in advance and there are only a few venues in the world that can accommodate our requirements. SWIFT is not just a "bank owned network", it's a network of banks and financial institutions. Sibos personifies that "network".
I'll end on crisis management. We've seen the Euro, Y2K, Global Crossing, 9/11 and SARS. The list goes on. SWIFT has and will continue to play a role in leading our community on the international level. We have a motto for all this "FNAO" which stands for "Failure is Not An Option", which we "borrowed" from the Apollo 13 movie.
