All minor and major banks need to be part of the SWIFT network so that they can have unique codes which will allow their customers to perform banking transactions with complete ease. Usually, minor banks tend to operate without becoming part of a big financial organization like SWIFT. Banks like Bank of America and Chase are part of the SWIFT network and maintain codes. Minor banks which operate in the undeveloped nations and have access to small amounts of customers ren’t likely to be part of the SWIFT organization.
I really think if all good or bad banks start joining the SWIFT network, the sending and receiving of funds via electronic means can be executed fairly easily. Do you doubt that when small banks correspond with the SWIFT network, they will increase their chances of acquiring large numbers of customers. I think that the SWIFT network is very beneficial and will improve financial businesses.
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