I recently read up on the Society for Worldwide Interbank Financial Telecommunication (SWIFT). As faar as I understood it was up until recently the only provider of a system to exchange money internationaly between different entities.
(There are other national systems)
Now I saw that china is developing its own system called Cross-Border Inter-Bank Payments System (CIPS). This system is still using SWIFT to communicate with certain entities but can also connect them directly.
Also the Instrument in Support of Trade Exchanges (INSTEX) is beeing created by France, Germany and the UK. This system is not connected to SWIFT and currently only allows goods to be traded.
Did I understand it right that those systems are partwise competitors and are there more such systems?