Late 1960s - Early 1970s: Third Generation Computers One of the most important advances in the development of computer hardware in the late 1960s and early 1970s was the invention of the integrated circuit, a solid-state device containing hundreds of transistors, diodes, and resistors on a tiny silicon chip. It made possible the production of large-scale computers (mainframes) of higher operating speeds, capacity, and reliability at significantly lower costs. Another type of computer developed at the time was the minicomputer. It profited from the progresses in microelectronics and was considerably smaller than the standard mainframe, but, for instance, powerful enough to control the instruments of an entire scientific laboratory. Furthermore operating systems, that allowed machines to run many different programs at once with a central program that monitored and coordinated the computer's memory, attained widespread use.

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Society for Worldwide Interbank Financial Telecommunication (SWIFT) Founded in 1973 by 239 banks from 15 countries, SWIFT is responsible for maintaining the world's most important network dedicated to financial transaction processing. Although facing competition from smart cards, e.g., SWIFT can rely on an increasing clientèle. In September 1999 SWIFT served 6,710 live users in 189 countries. http://www.swift.com http://www.swift.com/

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