I am old enough to have had the experience as a lawyer of closing some large real estate transactions in the 70s before SWIFT was generally available. An essential step was checking with a harried young banker in charge of wires and much else at the local bank to see if the payment wire had been received for our specific transaction and could be matched with an appropriate telex. Every now and then, wires and telexes would get mislaid leading to delays and unhappy clients who had to be placated.
Yep. Every banking system still allows using the old method as a backup.
Taking away SWIFT is a definite pain, but not a complete cease and desist.
I had almost forgotten about Telex machines. Once a month or so ours would clank into life to get financial data from the overseas offices.