From the Introduction: "This report explains the role of financial messaging systems in the global financial infrastructure--often considered the backbone or 'plumbing' of the global economy. It discusses recent trends, including efforts by some foreign governments to create their own financial messaging systems, and technological developments that may reduce the need for financial messaging systems. The report discusses congressional debate over the use of sanctions to induce international messaging systems to remove certain financial institutions from their systems, as part of a broader effort to advance U.S. foreign policy and national security goals. Finally, it presents a number of policy issues Congress may consider in shaping U.S. economic and foreign policy to promote global economic stability and efficient facilitation of cross-border payments."
CRS Report for Congress, R46843
Congressional Research Service: https://crsreports.congress.gov/