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110-686: The Society for Worldwide Interbank Financial Telecommunication ( Swift ), legally S.W.I.F.T. SC , is a cooperative established in 1973 in Belgium ( French : Société Coopérative ) and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and assigns ISO 9362 Business Identifier Codes (BICs), popularly known as "Swift codes". As of 2018, around half of all high-value cross-border payments worldwide used

220-465: A not-for-profit cooperative (non-share capital co-op), and they underwrite their housing through paying subscriptions or rent. Housing cooperatives come in three basic equity structures Members of a building cooperative (in Britain known as a self-build housing cooperative) pool resources to build housing, normally using a high proportion of their own labor. When the building is finished, each member

330-586: A payment system , such as TARGET2 in Europe. In the context of cross-border transactions, this step often takes place through correspondent banking accounts that financial institutions have with each other. SWIFT means several things in the financial world: Under 3 above, SWIFT provides turn-key solutions for members, consisting of linkage clients to facilitate connectivity to the SWIFT network and CBTs or "computer-based terminals" which members use to manage

440-712: A Russian alternative to SWIFT, was developed by the Central Bank of Russia as a backup measure. During the prelude to the 2022 Russian invasion of Ukraine , the United States developed preliminary possible sanctions against Russia, but excluded banning Russia from SWIFT. Following the 2022 Russian invasion of Ukraine , the foreign ministers of the Baltic states Lithuania, Latvia, and Estonia called for Russia to be cut off from SWIFT. However, other EU member states were reluctant, both because European lenders held most of

550-455: A collective framework. They open up new horizons for people who have ambition but who lack the skills or confidence needed to set off entirely on their own – or who simply want to carry on an independent economic activity but within a supportive group context. A "purchasing cooperative" is a type of cooperative arrangement, often among businesses, to agree to aggregate demand to get lower prices from selected suppliers. Retailers' cooperatives are

660-600: A distributed architecture with a two-zone model for storing messages (see § Operations centres ) . Concurrently, the European Union negotiated an agreement with the United States government to permit the transfer of intra-EU SWIFT transaction information to the United States under certain circumstances. Because of concerns about its potential contents, the European Parliament adopted

770-673: A form of purchasing cooperative. Major purchasing cooperatives include Best Western , ACE Hardware and CCA Global Partners . Agricultural service cooperatives provide various services to their individual farming members, and to agricultural production cooperatives , where production resources such as land or machinery are pooled and members farm jointly. SEB Group SEB Pank (Estonia) DSK Hyp (Germany) SEB banka (Latvia) SEB bankas (Lithuania) SEB Corporate Bank (Ukraine) SEB Bank (Russia) Skandinaviska Enskilda Banken AB ( Swedish pronunciation: [skandɪˈnɑ̌ːvɪska ˈêːnˌɧɪlːda ˈbǎŋːkɛn] ), abbreviated SEB ,

880-548: A fundamental challenge to the hegemony of global neoliberal capitalism . Many cooperatives follow the seven Rochdale Principles : Since 2002, ICA cooperatives and WOCCU credit unions could be distinguished by use of a .coop domain. In 2014, ICA introduced the Global Cooperative Marque for use by ICAs Cooperative members and by WOCCU's Credit Union members so they can be further identified by their coop ethical consumerism label. The marque

990-701: A group known as the Shadow Brokers released files allegedly from the NSA which indicate that the agency monitored financial transactions made through SWIFT. In January 2012, the advocacy group United Against Nuclear Iran (UANI) implemented a campaign calling on SWIFT to end all relations with Iran's banking system, including the Central Bank of Iran . UANI asserted that Iran's membership in SWIFT violated US and EU financial sanctions against Iran as well as SWIFT's own corporate rules. Consequently, in February 2012,

1100-480: A member's investment into the cooperative. In the United States, many cooperatives were formed to provide rural electrical and telephone service as part of the New Deal . See Rural Utilities Service . In the case of electricity, cooperatives are generally either generation and transmission (G&T) co-ops that create and send power via the transmission grid or local distribution co-ops that gather electricity from

1210-499: A monumental new head office building in La Hulpe , designed by Ricardo Bofill Taller de Arquitectura . SWIFT's shareholding structure is adjusted every three years in proportion to volumes of activity incurred by the members, ensuring that the most active members get the most voice irrespective of geography; additional rules are aimed at ensuring some geographical diversity within the board of directors. The 25 directors are elected by

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1320-617: A newspaper, The Cooperator , to promote Owen's thinking, having already set up a cooperative store in Brighton. Also in 1810, Rev. Henry Duncan of the Ruthwell Presbyterian Church in Dumfriesshire, Scotland founded a friendly society to create a cooperative depository institution at which his poorest parishioners could hold savings accounts accruing interest for sickness and old-age , which

1430-659: A position statement in September 2009, demanding to see the full text of the agreement and asking that it be fully compliant with EU privacy legislation, with oversight mechanisms emplaced to ensure that all data requests were handled appropriately. An interim agreement was signed without European Parliamentary approval by the European Council on 30 November 2009, the day before the Lisbon Treaty —which would have prohibited such an agreement from being signed under

1540-615: A proportion of trading profits back into their communities. As an example of this, in 2013, retail co-operatives in the UK invested 6.9% of their pre-tax profits in the communities in which they trade, compared to 2.4% for rival supermarkets. Since 2002, cooperatives have been distinguishable on the Internet through the use of a .coop domain. In 2014, the International Co-operative Alliance (ICA) introduced

1650-512: A public place every year. Despite the short duration of its existence, until 1851, it thus formed the basis of the cooperative movement in Slovakia. Slovak national thinker Ľudovít Štúr said about the association: " We would very much like such excellent constitutions to be established throughout our region. They would help to rescue people from evil and misery. A beautiful, great idea, a beautiful excellent constitution! " Other events such as

1760-457: A public system involving manual writing and reading of messages. SWIFT was set up out of fear of what might happen if a single private and fully American entity controlled global financial flows – which before was First National City Bank (FNCB) of New York – later Citibank. In response to FNCB's protocol, FNCB's competitors in the US and Europe pushed an alternative "messaging system that could replace

1870-575: A range of social characteristics. Membership is open, meaning that anyone who satisfies certain non-discriminatory conditions may join. Economic benefits are distributed proportionally to each member's level of participation in the cooperative, for instance, by a dividend on sales or purchases, rather than according to capital invested. Cooperatives may be classified as either worker , consumer , producer , purchasing or housing cooperatives. They are distinguished from other forms of incorporation in that profit-making or economic stability are balanced by

1980-583: A result of weak profitability, the former to Spain's Banco Santander . SEB Kort AB , a subsidiary of the SEB Group, was the franchisee of Diners Club International in the Nordic Countries until closing said service on 31 May 2019, citing increased competition and regulatory pressure in the Nordic payment card market. The SEB Group's primary market is its home country, Sweden, where it is also

2090-470: A secure income. The innovation BECs introduce is that once the businesses are established, the entrepreneurs are not forced to leave and set up independently, but can stay and become full members of the cooperative. The micro-enterprises then combine to form one multi-activity enterprise whose members provide a mutually supportive environment for each other. BECs thus provide budding business people with an easy transition from inactivity to self-employment, but in

2200-518: A shared data processing system and worldwide communications network designed by Logica and developed by the Burroughs Corporation . Fundamental operating procedures and rules for liability were established in 1975, and the first message was ceremonially sent by Prince Albert of Belgium on 9 May 1977. SWIFT's first non-European operations centre was inaugurated by Governor John N. Dalton of Virginia in 1979. In 1989 SWIFT completed

2310-869: A significant market share in Europe and Latin America, as well as a few countries in Sub-Saharan Africa. They also have a strong presence in Asia, Australia, and the United States. According to the World Council of Credit Unions (WOCCU), there were 68,882 financial cooperatives in 109 countries in 2016, serving more than 235 million members, with total assets exceeding 1.7 trillion dollars. The WOCCU's data do not include some major financial cooperative networks in Europe, such as Germany, Finland, France, Denmark, and Italy. In many high-income economies, financial cooperatives hold significant market shares of

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2420-447: A strong focus on a full-service offering to corporate and institutional clients. SEB also has a presence in more than 20 locations worldwide including New York, São Paulo, London, Luxembourg, Geneva, Warsaw, Kyiv, Beijing, Shanghai, Hong Kong, Singapore and New Delhi. SEB serves 2,000 large corporations and 1,100 financial institutions, 400,000 small and medium-sized enterprises (SMEs) and some 4 million private individuals. The company

2530-494: A thousand cooperative societies in the United Kingdom. "Spolok Gazdovský" ( The Association of Administrators or The Association of Farmers ) founded in 1845 by Samuel Jurkovič, was the first cooperative in Europe ( Credit union ). The cooperative provided a cheap loan from funds generated by regular savings for members of the cooperative. Members of cooperative had to commit to a moral life and had to plant two trees in

2640-555: A trust that owns the company. The impact of political ideology on practice constrains the development of cooperatives in different countries. In India, there is a form of workers' cooperative which insists on compulsory membership for all employees and compulsory employment for all members. That is the form of the Indian Coffee Houses . This system was advocated by the Indian communist leader A. K. Gopalan . In places like

2750-554: A useful condition of artificial roads such as Viamala in 1472. Pre-industrial Europe is home to the first cooperatives from an industrial context. The roots of the cooperative movement can be traced to multiple influences and extend worldwide. In the English-speaking world , post- feudal forms of cooperation between workers and owners that are expressed today as " profit sharing " and "surplus sharing" arrangements existed as far back as 1795. The key ideological influence on

2860-446: A variety of sources and send it along to homes and businesses. In Tanzania, it has been proven that the cooperative method is helpful in water distribution. When the people are involved with their own water, they care more because the quality of their work has a direct effect on the quality of their water. Credit unions are cooperative financial institutions owned and controlled by their members. Credit unions provide to its members

2970-575: A wider group of central banks." Purported alternatives to the SWIFT system include: Swift has been criticised for inefficiency. In 2018, the London-based Financial Times noted that transfers frequently "pass through multiple banks before reaching their final destination, making them time-consuming, costly and lacking transparency on how much money will arrive at the other end". Swift has since introduced an improved service called "Global Payments Innovation" (GPI), claiming it

3080-476: A wrapper around all messages legacy or contemporary. The communication protocols can be broken down into: InterAct FileAct Browse SWIFT provides a centralized store-and-forward mechanism, with some transaction management. For bank A to send a message to bank B with a copy or authorization involving institution C, it formats the message according to standards and securely sends it to SWIFT. SWIFT guarantees its secure and reliable delivery to B after

3190-598: Is a Swedish bank headquartered in Stockholm, Sweden. In Sweden and the Baltic countries, SEB has a full financial service offering. In Denmark, Finland, Norway, Germany, and the United Kingdom, the bank's operations are focused on corporate and investment banking services to corporate and institutional clients. The bank was founded in 1972 by the Swedish Wallenberg family , which is still SEB's largest shareholder through major investment company Investor AB . SEB

3300-480: Is amongst its primary rivals. The SEB Group also has operations in most other Nordic countries , as well as larger foreign markets like Germany and the United Kingdom . In Sweden and the Baltic countries, SEB is a universal bank , offering financial advice and a wide range of financial services to all customer segments. In Denmark, Finland, Norway, Germany and the United Kingdom the bank's operations have

3410-545: Is operating through six business divisions; Large Corporates & Financial Institutions, Corporate & Private Customers, Private Wealth Management & Family Office, Baltic, Life and Asset Management. The SEB Group is still owned and headed by its founding family, the Wallenbergs , with Marcus Wallenberg serving as chairman of the company's board of directors . The Wallenbergs' investments in SEB primarily come through

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3520-481: Is released in stages as the building is completed. The term may also refer to worker cooperatives in the building trade. A utility cooperative is a type of consumers' cooperative that is tasked with the delivery of a public utility such as electricity, water or telecommunications services to its members. Profits are either reinvested into infrastructure or distributed to members in the form of "patronage" or "capital credits", which are essentially dividends paid on

3630-601: Is the largest Swedish bank by both market capitalisation and total assets. The SEB Group traces its origins to the Stockholms Enskilda Bank and Skandinaviska Banken, established in 1856 and 1864 respectively. Both banks played an important role in Scandinavia's industrialisation throughout the late nineteenth and early twentieth centuries, especially in Sweden. After a period of strong growth throughout

3740-410: Is the sole owner of a homestead, and the cooperative may be dissolved. This collective effort was at the origin of many of Britain's building societies , which however, developed into "permanent" mutual savings and loan organisations, a term which persisted in some of their names (such as the former Leeds Permanent ). Nowadays such self-building may be financed using a step-by-step mortgage which

3850-421: Is used today by thousands of cooperatives in more than a hundred countries. The .coop domain and Co-operative Marque were designed as a new symbol of the global cooperative movement and its collective identity in the digital age. The Co-operative Marque and domain is reserved just for co-operatives, credit unions and organisations that support co-operatives; is distinguished by its ethical badge that subscribes to

3960-631: The Los Angeles Times revealed a program, named the Terrorist Finance Tracking Program , which the US Treasury Department , Central Intelligence Agency (CIA) , and other United States governmental agencies initiated after the 11 September attacks to gain access to the SWIFT transaction database. After the publication of these articles, SWIFT quickly came under pressure for compromising

4070-590: The Council of the European Union and the Council's subsequent ruling, SWIFT disconnected all Iranian banks that had been identified as institutions in breach of current EU sanctions from its international network and warned that even more Iranian financial institutions could be disconnected from the network. In February 2016, most Iranian banks reconnected to the network following the lift of sanctions due to

4180-736: The Gaeltacht in Ireland and the Highlands and Islands of Scotland. A worker cooperative or producer cooperative is a cooperative owned and democratically controlled by its "worker-owners". In a pure worker cooperative, only the workers own shares of the business on a one person, one vote basis, though hybrid forms exist in which consumers, community members or investors also own some shares (though these shares may or may not have voting power). In practice, control by worker-owners may be exercised through individual, collective or majority ownership by

4290-693: The Joint Comprehensive Plan of Action . In 2014, SWIFT rejected calls from pro-Palestinian activists to revoke Israeli banks ' access to its network owing to the Israeli occupation of Palestinian territory. Similarly, in August 2014 the UK planned to press the EU to block Russian use of SWIFT as a sanction due to Russian military intervention in Ukraine . However, SWIFT refused to do so. SPFS ,

4400-566: The National Security Agency (NSA) widely monitors banking transactions via SWIFT, as well as credit card transactions. The NSA intercepted and retained data from the SWIFT network used by thousands of banks to securely send transaction information. SWIFT was named as a "target", according to documents leaked by Edward Snowden . The documents revealed that the NSA spied on SWIFT using a variety of methods, including reading "SWIFT printer traffic from numerous banks". In April 2017,

4510-572: The New Lanark mill from Owen's father-in-law, David Dale , and proceeded to introduce better labour standards, including discounted retail shops where profits were passed on to his employees. Owen left New Lanark to pursue other forms of cooperative organization and develop coop ideas through writing and lecture. Cooperative communities were set up in Glasgow , Indiana and Hampshire , although ultimately unsuccessful. In 1828, William King set up

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4620-483: The U.S. Senate Banking Committee unanimously approved sanctions against SWIFT aimed at pressuring it to terminate its ties with blacklisted Iranian banks. Expelling Iranian banks from SWIFT would potentially deny Iran access to billions of dollars in revenue using SWIFT but not from using IVTS . Mark Wallace , president of UANI, praised the Senate Banking Committee. Initially SWIFT denied that it

4730-743: The United Kingdom , the Federal Reserve Board and the Federal Reserve Bank of New York for the U.S. and the European Central Bank ) started acting as joint overseers, with the National Bank of Belgium (NBB) in a lead role. The oversight focuses primarily on systemic risk, confidentiality, infrastructure security, and business continuity. It is formalized in bilateral documents between the NBB and SWIFT on

4840-467: The data privacy of its customers by allowing governments to gain access to sensitive personal information. In September 2006, the Belgian government declared that these SWIFT dealings with American governmental authorities were a breach of Belgian and European privacy laws . In response, and to satisfy members' concerns about privacy, SWIFT began a process of improving its architecture by implementing

4950-439: The 'Urgenossen'. A community cooperative is owned and governed by members of a local geographical community. It is established to meet the community's needs by providing goods or services that are not available or affordable through traditional market channels. This is distinct from meeting individuals' needs as individuals. The aim of a community cooperative is often to create a more equitable and sustainable economy that serves

5060-583: The Anglosphere branch of the cooperative movement, however, was a rejection of the charity principles that underpinned welfare reforms when the British government radically revised its Poor Laws in 1834. As both state and church institutions began to routinely distinguish between the 'deserving' and 'undeserving' poor, a movement of friendly societies grew throughout the British Empire based on

5170-534: The Cooperative Marque, meaning ICA cooperatives and WOCCU credit unions can also be identified through a coop ethical consumerism label. Cooperation dates back as far as human beings have been organizing for mutual benefits. Tribes were organized as cooperative structures, allocating jobs and resources among each other, only trading with the external communities. In alpine environments, trade could only be maintained in organized cooperatives to achieve

5280-579: The EU. On 20 March 2023, the Russian Federation banned the use of SWIFT. The European Union issued the first set of sanctions against Belarus - the first was introduced on 27 February 2022, which banned certain categories of Belarusian items in the EU, including timber, steel, mineral fuels and tobacco. After the Lithuanian prime minister proposed disconnecting Belarus from SWIFT, the European Union , which does not recognise Lukashenko as

5390-455: The European zone. SWIFT moved to its current IP network infrastructure, known as SWIFTNet, from 2001 to 2005, providing a total replacement of the previous X.25 infrastructure. The process involved the development of new protocols that facilitate efficient messaging, using existing and new message standards. The adopted technology chosen to develop the protocols was XML , which now provides

5500-643: The G10 central banks, the SWIFT Oversight Forum included the national central banks of Argentina , Australia , Brazil , China , Hong Kong , India , Indonesia , Korea , Mexico , Russia , Saudi Arabia , Singapore , South Africa , Spain , and Turkey . According to SWIFT, the Oversight Forum "provides a forum for the G-10 central banks to share information on Swift oversight activities with

5610-644: The International Raiffeisen Union. In the United States, the National Cooperative Business Association (NCBA CLUSA; the abbreviation of the organization retains the initials of its former name, Cooperative League of the USA) serves as the sector 's oldest national membership association. It is dedicated to ensuring that cooperative businesses have the same opportunities as other businesses operating in

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5720-509: The John Lewis Partnership, where profits are distributed to the workers, but at the discretion of a senior elected board. Business and employment cooperatives (BECs) are a subset of worker cooperatives that represent a new approach to providing support to the creation of new businesses. Like other business creation support schemes, BEC's enable budding entrepreneurs to experiment with their business idea while benefiting from

5830-643: The Netherlands, Rabobank holds 34% of deposits, and in France cooperative banks (Crédit Agricole, Crédit Mutuel and BPCE Group) possess more than 59% of domestic credit and 61% of domestic deposits. In Finland, OP financial group holds 35% and 38% of domestic credit and deposits, respectively, and in Canada, Desjardins holds around 42% of domestic deposits and 22% of domestic credit. There are many types of cooperative financial institutions with different names across

5940-707: The Republic of Tajikistan, describes that the leading cause for the late Swift Go adoption in Tajikistan was the Core Banking System itself. To connect to Swift Go, he adds, banking system interfaces needed to be upgraded and integrated with their software to be fully compatible; this hindered many banks from adopting the technology earlier. A series of articles published on 23 June 2006 in The New York Times , The Wall Street Journal , and

6050-537: The SKOK ( Spółdzielcze Kasy Oszczędnościowo-Kredytowe ) network grew to serve over 1 million members via 13,000 branches, and was larger than the country's largest conventional bank. In the Scandinavia , there is a clear distinction between mutual savings banks (Sparbank) and true credit unions (Andelsbank). The oldest cooperative banks in Europe, based on the ideas of Friedrich Raiffeisen, are joined in

6160-577: The Swift network, and in 2015, Swift linked more than 11,000 financial institutions in over 200 countries and territories, who were exchanging an average of over 32 million messages per day (compared to an average of 2.4 million daily messages in 1995). Swift is headquartered in La Hulpe near Brussels . It hosts an annual conference, called Sibos , specifically aimed at the financial services industry. Before SWIFT's establishment, international financial transactions were communicated over Telex ,

6270-527: The U.S. data centre. European zone messages are stored in the Netherlands and in part of the Swiss operating centre; Trans-Atlantic zone messages are stored in the United States and in another part of the Swiss operating centre that is segregated from the European zone messages. Countries outside of Europe were by default allocated to the Trans-Atlantic zone but could choose to have their messages stored in

6380-457: The UK, common ownership (indivisible collective ownership) was popular in the 1970s. Cooperative Societies only became legal in Britain after the passing of Slaney's Act in 1852. In 1865 there were 651 registered societies with a total membership of well over 200,000. There are now more than 400 worker cooperatives in the UK, Suma Wholefoods being the largest example with a turnover of £24 million. There also exist some pseudo-cooperatives, such as

6490-588: The US by 378 to 196 votes. One week earlier, the parliament's civil liberties committee had already rejected the deal, citing legal reservations. In March 2011, it was reported that two mechanisms of data protection had failed: EUROPOL released a report complaining that requests for information from the US had been too vague (making it impossible to make judgments on validity) and that the guaranteed right for European citizens to know whether their information had been accessed by US authorities had not been put into practice. Der Spiegel reported in September 2013 that

6600-627: The United States, Italy, or France. A consumers' cooperative is a business owned by its customers. Members vote on major decisions and elect the board of directors from among their own number. The first of these was set up in 1844 in the North-West of England by 28 weavers who wanted to sell food at a lower price than the local shops. Retail cooperatives are retailers, such as grocery stores, owned by their customers. They should not be confused with retailers' cooperatives, whose members are retailers rather than consumers. In Singapore, Italy, and Finland

6710-512: The United States, the Netherlands, and Switzerland. These centres share information in near real-time . In case of a failure in one of the data centres, another is able to handle the traffic of the complete network. SWIFT uses submarine communications cables to transmit its data. Shortly after opening its third data centre in Switzerland in 2009, SWIFT introduced a new distributed architecture with two messaging zones, European and Trans-Atlantic, so data from European SWIFT members no longer mirrored

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6820-500: The acquisition of Credit Suisse ), as well as the Association of Banks in Singapore . Swift acts as a carrier of the "messages containing the payment instructions between financial institutions involved in a transaction". However, the organisation does not manage accounts on behalf of individuals or financial institutions, and it does not hold funds from third parties. It also does not perform clearing or settlement functions. After payment has been initiated, it must be settled through

6930-423: The appropriate action by C. SWIFT guarantees are based primarily on high redundancy of hardware, software, and people. During 2007 and 2008, the entire SWIFT network migrated its infrastructure to a new protocol called SWIFTNet Phase 2. The main difference between Phase 2 and the former arrangement is that Phase 2 requires banks connecting to the network to use a Relationship Management Application (RMA) instead of

7040-417: The banking sector. According to the European Association of Cooperative Banks, the market share of cooperative banks in the Small and Medium Enterprises (SMEs) credit market by the end of 2016 was 37% in Finland, 45% in France, 33% in Germany, 43% in the Netherlands, and 22% in Canada. In Germany, Volksbanken-Raiffeisen banks have a market share of approximately 21% of domestic credit and domestic deposits. In

7150-557: The board of directors. They differ from collectives in that they are generally built from the bottom-up, rather than the top-down. Cooperatives may include: The Research published by the Worldwatch Institute found that in 2012 approximately one billion people in 96 countries had become members of at least one cooperative. The turnover of the largest three hundred cooperatives in the world reached $ 2.2 trillion . Worker cooperatives are typically more productive and economically resilient than many other forms of enterprise, with twice

7260-528: The company has thematic policies on environment (including climate change, freshwater and biodiversity) and social and human rights. In addition to having developed the green bond concept together with the World Bank in 2007 and 2008, SEB was in 2014 also part of the creation of Green Bond Principles. This is partially in line with modern Swedish ideas of focus on reducing climate change. In 2009 SEB published its first sustainability report in line with Global Reporting Initiative (GRI) guidelines.  Since 2017

7370-433: The company with the largest market share in the grocery store sector is a consumer owned cooperative. In Switzerland both the largest and the second largest retailer are consumer owned cooperatives. A housing cooperative is a legal mechanism for ownership of housing where residents either own shares (share capital co-op) reflecting their equity in the cooperative's real estate or have membership and occupancy rights in

7480-433: The constraints of various systems of national law) is the principle that an enterprise or association should be owned and controlled by the people it serves, and share any surpluses on the basis of each member's cooperative contribution (as a producer, labourer or consumer) rather than their capacity to invest financial capital. The International Co-operative Alliance was the first international association formed (1895) by

7590-424: The cooperative movement. It includes the World Council of Credit Unions . The International Cooperative Alliance was founded in London, England on 19 August 1895 during the 1st Cooperative Congress. In attendance were delegates from cooperatives from Argentina, Australia, Belgium, England, Denmark, France, Germany, Holland, India, Italy, Switzerland, Serbia, and the US. A second organization formed later in Germany:

7700-438: The country and that consumers have access to cooperatives in the marketplace. In 1945 Artturi Ilmari Virtanen received the Nobel Prize in Chemistry for his invention of the AIV silage . This invention improved milk production and created a method of preserving butter, the AIV salt, which led to increased Finnish butter exports. He had started his career in chemistry in Valio , a cooperative of dairy farmers in which he headed

7810-412: The delivery and receipt of their messages. Some of the more well-known interfaces and CBTs provided to their members are: There are four key areas that SWIFT services fall under in the financial marketplace: securities , treasury & derivatives , trade services, and payments & cash management. Securities Treasury and derivatives Cash management Trade services Swift Ref,

7920-1092: The family-owned investment company, Investor AB . SEB signed the UN Global Compact 2004 and has since then committed to several global initiatives and international codes of conduct. Among them are the UN Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights, the UNEP FI Principles for Responsible Banking, the Net-Zero Banking Alliance, the Principles for Responsible Investments and Net Zero Asset Managers initiative. SEB has developed ten sector policies for agriculture, arms & defence, forestry, fossil fuel, gambling, mining & metals, renewable energy, shipping, tobacco and transportation. In addition,

8030-850: The first in Europe. By 2004 a new association focused on worker co-ops was founded, the United States Federation of Worker Cooperatives . The cooperative movement has been fueled globally by ideas of economic democracy . Economic democracy is a socioeconomic philosophy that suggests an expansion of decision-making power from a small minority of corporate shareholders to a larger majority of public stakeholders. There are many different approaches to thinking about and building economic democracy. Anarchists are committed to libertarian socialism and have focused on local organization, including locally managed cooperatives, linked through confederations of unions, cooperatives and communities. Marxists, who as socialists have likewise held and worked for

8140-518: The form of the state . Though they regard the state as an unnecessarily oppressive institution, Marxists considered appropriating national and international-scale capitalist institutions and resources (such as the state) to be an important first pillar in creating conditions favorable to solidaristic economies. With the declining influence of the USSR after the 1960s, socialist strategies pluralized, though economic democratizers have not as yet established

8250-478: The former bilateral key exchange (BKE) system. According to SWIFT's public information database on the subject, RMA software should eventually prove more secure and easier to keep up-to-date; however, converting to the RMA system meant that thousands of banks around the world had to update their international payment systems to comply with the new standards. RMA completely replaced BKE on 1 January 2009. SWIFT has become

8360-474: The founding of a friendly society by the Tolpuddle Martyrs in 1832 were key occasions in the creation of organized labor and consumer movements. Friendly Societies established forums through which one member, one vote was practiced in organisation decision-making. The principles challenged the idea that a person should be an owner of property before being granted a political voice. Throughout

8470-439: The global payment reference data utility, is SWIFT's unique reference data service. Swift Ref sources data directly from data originators, including central banks, code issuers and banks making it easy for issuers and originators to maintain data regularly and thoroughly. SWIFTRef constantly validates and cross-checks data across the different data sets. The SWIFT secure messaging network is run from three data centres , located in

8580-444: The goal of democratizing productive and reproductive relationships, often placed a greater strategic emphasis on confronting the larger scales of human organization. As they viewed the capitalist class to be politically, militarily and culturally mobilized for the purpose of maintaining an exploitable working class, they fought in the early 20th century to appropriate from the capitalist class the society's collective political capacity in

8690-444: The industry standard for syntax in financial messages. Messages formatted to SWIFT standards can be read and processed by many well-known financial processing systems, whether or not the message travelled over the SWIFT network. SWIFT cooperates with international organizations to define standards for message format and content. SWIFT is also a registration authority (RA) for the following ISO standards: In RFC 3615 urn:swift:

8800-508: The interests of the community. There are specific forms of incorporation for cooperatives in some countries, e.g. Finland and Australia. Cooperatives may take the form of companies limited by shares or by guarantee, partnerships or unincorporated associations. In the UK they may also use the industrial and provident society structure. In the US, cooperatives are often organized as non-capital stock corporations under state-specific cooperative laws. Cooperatives often share their earnings with

8910-496: The largest bank in the country, by both market capitalisation and total assets. It is also one of the largest Swedish banks by both employees and customers, with around 17,500 of the former and four and a half million of the latter. Other major markets of SEB are the Baltic states, where Swedish banks are prominent. SEB is one of the largest banks in Estonia, Latvia, and Lithuania, where Swedbank, another of Sweden's big four banks,

9020-561: The late nineteenth and twentieth centuries. Even today, its successor is amongst the most valuable of the Wallenbergs' various companies, alongside corporations like SKF , Atlas Copco and Ericsson , which it used to have major shareholdings in until Swedish legislation changes in the early twentieth century; these holdings were taken over by Investor AB , still primarily owned by the Wallenberg family today. Skandinaviska Banken

9130-557: The legitimate President of Belarus , started to plan an extension of the sanctions already issued against Russian entities and top officials to its ally. Cooperative A cooperative (also known as co-operative , co-op , or coop ) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise ". Cooperatives are democratically controlled by their members, with each member having one vote in electing

9240-427: The membership as dividends , which are divided among the members according to their participation in the enterprise, such as patronage, instead of according to the value of their capital shareholdings (as is done by a joint stock company ). The cooperative share capital or co-operative share capital (in short cooperative capital or co-operative capital ) is the form of capital that the cooperative accumulates from

9350-411: The merger included creating a bank better positioned to serve corporate clients and to fend off competition from major international banks. Through its predecessor, Stockholms Enskilda Bank, it claims to be the first bank in the world to employ women. Stockholms Enskilda Bank was founded and run by the banking-involved Wallenberg family , and served as the lynchpin of their investment throughout most of

9460-456: The nearly $ 30 billion in foreign banks' exposure to Russia and because Russia had developed the SPFS alternative. The European Union, United Kingdom, Canada, and the United States finally agreed to remove a few Russian banks from the SWIFT messaging system in response to the 2022 Russian invasion of Ukraine; the governments of France, Germany, Italy and Japan individually released statements alongside

9570-443: The needs of local residents, rather than generating profits for external shareholders. By working together and pooling resources, members can often achieve economies of scale, negotiate better prices, and develop services that better meet the needs of their community. Community cooperatives can also help to build social capital and foster a sense of community ownership and pride. They have been successful vehicles for rural development in

9680-504: The number of co-operatives (80%) surviving their first five years compared with other business ownership models (44%) according to data from United Kingdom. The largest worker owned cooperative in the world, the Mondragon Corporation (founded by Catholic priest José María Arizmendiarrieta ), has been in continuous operation since 1956. Cooperatives frequently have social goals, which they aim to accomplish by investing

9790-552: The one hand, and between the NBB and each of the other G10 central banks on the other hand. In 2018, the International Monetary Fund has recommended that "the National Bank of Belgium should consider enhancing oversight with additional regulatory and supervisory powers." In 2012, this framework was complemented by a "SWIFT Oversight Forum" including additional central banks. As of 2024, in addition to

9900-451: The paid participation shares of its members. The total amount of participation shares the paid to the cooperative constitutes the cooperative capital. The co-operative share capital is usually non-withdrawable and indivisible to the cooperative members. The top 300 largest cooperatives were listed in 2007 by the International Co-operative Alliance . 80% were involved in either agriculture , finance , or retail and more than half were in

10010-546: The principle of mutuality, committed to self-help in the welfare of working people. In 1761, the Fenwick Weavers' Society was formed in Fenwick, East Ayrshire , Scotland to sell discounted oatmeal to local workers. Its services expanded to include assistance with savings and loans, emigration and education. In 1810, Welsh social reformer Robert Owen , from Newtown in mid- Wales , and his partners purchased

10120-615: The public providers and speed up the payment process". SWIFT was founded in Brussels on 3 May 1973. Individuals who played a key role in its creation included bankers Jan Kraa (at AMRO Bank ) and François Dentz (at the Banque de l'Union Parisienne ) as well as Carl Reuterskiöld and Bessel Kok , who became respectively its first two chairmen and chief executives. It was initially supported by 239 banks in 15 countries. It soon started to establish common standards for financial transactions and

10230-466: The research department for 50 years and where all his major inventions were first put to practice. Cooperative banks were first to adopt online banking. Stanford Federal Credit Union was the first financial institution to offer online internet banking services to all of its members in October 1994. In 1996 OP Financial Group , also a cooperative bank , became the second online bank in the world and

10340-531: The rest of the Nordic region until its merger in 1972. In 1997, SEB acquired the insurance company Trygg-Hansa  [ sv ] , and in 1998, the company changed its Swedish-market logo and brand name from SE-Banken to SEB. At the end of that same year, SEB bought its first shares of the three Baltic banks Eesti Ühispank in Estonia, Latvijas Unibanka in Latvia and Vilniaus Bankas in Lithuania. This

10450-526: The rise of trade unions and industrial factories. Weinbren reports that by the end of the 19th century, over 80% of British working age men and 90% of Australian working age men were members of one or more Friendly Society. From the mid-nineteenth century, mutual organisations embraced these ideas in economic enterprises, firstly among tradespeople, and later in cooperative stores, educational institutes, financial institutions and industrial enterprises. The common thread (enacted in different ways, and subject to

10560-457: The same services as banks but are considered not-for-profit organizations and adhere to cooperative principles . Credit unions originated in mid-19th-century Germany through the efforts of pioneers Franz Herman Schulze'Delitzsch and Friedrich Wilhelm Raiffeisen . The concept of financial cooperatives crossed the Atlantic at the turn of the 20th century, when the caisse populaire movement

10670-434: The second half of the nineteenth century (and then repeatedly every twenty years or so) there was a surge in the number of cooperative organisations, both in commercial practice and civil society, operating to advance democracy and universal suffrage as a political principle. Friendly Societies and consumer cooperatives became the dominant form of organization among working people in Anglosphere industrial societies prior to

10780-482: The seven ICA Cooperative Principles and Co-op Values. Co-ops can be identified on the Internet through the use of the .coop suffix of internet addresses . Organizations using .coop domain names must adhere to the basic co-op values. A cooperative is a legal entity owned and democratically controlled by its members. Members often have a close association with the enterprise as producers or consumers of its products or services, or as its employees. The legal entities have

10890-576: The shareholders, on three-year terms with the renewal of one-third of the board every year; all directors are member representatives. As of May 2024, the members directly represented on the board of directors were JPMorgan Chase (chair), Lloyds Bank (deputy chair), Bank of China , BNP Paribas , BPCE , Citi , Clearstream , Commerzbank , Commonwealth Bank of Australia , Deutsche Bank , Euroclear , FirstRand , HSBC , ING , Intesa Sanpaolo , KBC , MUFG , NatWest , Nordea , Royal Bank of Canada , Santander , SEB , UBS (2 representatives following

11000-475: The terms of the codecision procedure —formally came into effect. While the interim agreement was scheduled to come into effect on 1 January 2010, the text of the agreement was classified as "EU Restricted" until translations could be provided in all EU languages and published on 25 January 2010. On 11 February 2010, the European Parliament decided to reject the interim agreement between the EU and

11110-562: The twentieth century, Stockholms Enskilda Bank and Skandinaviska Banken merged in 1972 to form the SEB Group. SEB's German and Baltic subsidiaries, being located in eurozone countries, have been designated as Significant Institutions since the entry into force of European Banking Supervision in late 2014, and as a consequence are directly supervised by the European Central Bank . In 1972, Stockholms Enskilda Bank (established in 1856 by André Oscar Wallenberg ) and Skandinaviska Banken (established in 1864) merged to form SEB. Reasons for

11220-413: The workforce, or the retention of individual, collective or majority voting rights. A worker cooperative, therefore, has the characteristic that the majority of its workforce owns shares, and the majority of shares are owned by the workforce. Membership is not always compulsory for employees, but generally, only employees can become members either directly (as shareholders) or indirectly through membership of

11330-678: The world, including financial cooperatives ('cooperativa financiera' is the Spanish term used in Latin America), cooperative banks, credit unions, and savings and credit cooperatives ('cooperativa de ahorro y crédito' in Spanish or ' coopérative d'épargne et de credit ' in French-speaking countries). Cooperative banking networks, which were nationalized in Eastern Europe, continued as cooperative institutions. In Poland,

11440-424: Was acting illegally, but later said that "it is working with U.S. and European governments to address their concerns that its financial services are being used by Iran to avoid sanctions and conduct illicit business". Targeted banks would be—amongst others— Saderat Bank of Iran , Bank Mellat , Post Bank of Iran and Sepah Bank . On 17 March 2012, following an agreement two days earlier between all 27 member states of

11550-466: Was adopted by 165 banks and was completing half its payments within 30 minutes. The new standard which included Swift Go was supposed to be utilised in receiving and transferring low-value international payments. One of the significant changes was the transaction amount, which would not differ from start to end. However, as of 2023, uptake was mixed. For instance, Alisherov Eraj, Alif Bank Treasury Department Swift Transfers & Banking Relationship Expert in

11660-481: Was defined as Uniform Resource Names (URNs) for SWIFT FIN. SWIFT is not a payment system and thus neither regulated nor supervised as such, but is nevertheless deemed to be systemically important and thus under the "oversight" of public authorities. In 1998, the so-called Group of Ten central banks (those of Belgium , Canada , France , Germany , Italy , Japan , the Netherlands , Sweden , Switzerland ,

11770-653: Was founded as the Skandinaviska Kreditaktiebolaget, one of the projects of the Scandinavian movement. Thanks to the efforts of André Oscar Wallenberg, Skandinaviska Banken was initially founded and headquartered in Gothenburg rather than Copenhagen , contrary to the wishes of Danish financier Carl Frederik Tietgen ; its headquarters was later moved to Stockholm. After its founding, the bank expanded throughout Scandinavia and eventually

11880-652: Was started by Alphonse Desjardins in Quebec, Canada. In 1900, from his home in Lévis , he opened North America's first credit union, marking the beginning of the Mouvement Desjardins . Eight years later, Desjardins provided guidance for the first credit union in the United States , where there are now about 7,950 active status federally insured credit unions, with almost 90 million members and more than $ 679 billion on deposit. Financial cooperatives hold

11990-584: Was the beginning of the bank's expansion into the Baltic states, a market in which it still has a large share. In the early twenty-first century, SEB was initially refused a merger with Swedbank , a decision made by the European Union. In 2007 and 2008, SEB worked with the World Bank to develop the concept of green bonds, a form of bonds designed to accelerate the green transition. Later on, SEB Group would sell its banking operations in Germany and Ukraine as

12100-639: Was the first established savings bank that would be merged into the Trustee Savings Bank between 1970 and 1985. The Rochdale Society of Equitable Pioneers , founded in 1844, is usually considered the first successful cooperative enterprise, used as a model for modern coops, following the ' Rochdale Principles '. A group of 28 weavers and other artisans in Rochdale , England set up the society to open their own store selling food items they could not otherwise afford. Within ten years there were over

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