Your comment is mostly accurate. However, I&#x27;d imagine anyone hearing a message was sent through SWIFT would assume a protocol got it to SWIFTnet followed by their own systems processing it. The two are inseparable. We used to call this sort of thing a &quot;system of systems.&quot;<p>Anyway, it&#x27;s accurate to think of protocol + SWIFT&#x27;s mgmt systems as &quot;the SWIFT system&quot; given they work collectively to hanndle a SWIFT transaction.