SWIFT sits in Belgium, why would anyone in Europe need to switch away from it? Is the US able to handle their (international) financial transactions without access to SWIFT?
The financial market being significantly smaller, sure, but will it stay like that?
> SWIFT’s data centers, located in the United States, the Netherlands, and Switzerland, act as the network’s central hubs, processing and routing messages across the network. The centralization at these data centers is critical for swift (no pun intended) and secure data transmission. These data centers are designed with redundancy and failover capabilities, so if one center is disrupted, the others take over, ensuring no interruptions to the SWIFT service.
To me, this sounds like SWIFT would posibly be split into 3-parts, without any redundancy. A US and a EU datacenter handling "local" business, with Switzerland possibly be able to interact with either?
Europe needs US financial markets (dollars) to finance its debt as all European bank together could fit into JP Morgan.
Switching away from SWIFT or Visa/Mastercard is also improbable as Europe lack tech skills to run such complex systems.