Central Banking

SWIFT responds to privacy fears with new EU base

SWIFT will open a Europe-based global processing centre for payments as part of a response to allay concerns over data privacy raised after the United States asked for data on financial transactions by Europeans following the 9/11 attacks.

Based in Brussels, SWIFT is the industry-owned provider of financial messaging standards. It attracted considerable media attention in 2006 when an investigation by the New York Times revealed that it had been providing information stored in its US centre

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