Projects per year
Abstract
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.
Original language | English |
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Pages (from-to) | 478-493 |
Number of pages | 16 |
Journal | Global Networks |
Volume | 23 |
Issue number | 2 |
Early online date | 17 Oct 2022 |
DOIs | |
Publication status | Published - Apr 2023 |
Keywords
- correspondent banking and SWIFT
- cross-border payments
- financial geographies
- financial infrastructure
- geopolitics
- information networks
Projects
- 1 Finished
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FINWEBS: Stabilising an unstable industry: The role of agency in interconnecting international financial centers
Dörry, S., Robinson, G. & Derudder, B.
Luxembourg Institute of Socio-Economic Research (LISER), Luxembourg National Research Fund (FNR)
1/09/17 → 31/12/22
Project: Research
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Future Finance
Dörry, S., 12 Jan 2024, Contemporary Economic Geographies: Inspiring, Critical and Plural Perspectives. Johns, J. & Hall, S. M. (eds.). 1 ed. Bristol: Bristol University Press, p. 338-351Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review
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Preserving the obligatory passage point: SWIFT and the partial platformisation of global payments
Robinson, G., Dörry, S. & Derudder, B., May 2024, In: Geoforum. 151, 104007.Research output: Contribution to journal › Article › peer-review
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Hierarchical tendencies, functional specializations, and (in)stability across European banking centers
Musschoot, J., Derudder, B. & Dörry, S., Oct 2023, In: European Urban and Regional Studies. 30, 4, p. 446-464 19 p.Research output: Contribution to journal › Article › peer-review
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Capturing a moving target: interviewing fintech experts via LinkedIn
Robinson, G., Dec 2021, In: Area. 53, 4, p. 671-678 8 p.Research output: Contribution to journal › Article › peer-review
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There is no Alternative: SWIFT as Infrastructure Intermediary in Global Financial Markets
Dörry, S., Robinson, G. & Derudder, B., 1 Dec 2018, The Global Network on Financial Geography (FinGeo), 24 p. (Financial Geography Working Paper Series; no. 22).Research output: Working paper
Open Access