Information flow analysis is a widely-adopted technique in software testing and malware analysis. For information flow analysis, a system-level emulator equipped with dynamic information flow tracking capability, DIFT, is needed. However, its effectiveness comes at a price of severe performance degradation due to interleaved system emulation and DIFT analysis. In this paper, a decoupled system-wide information flow tracking scheme, SWIFT, is proposed. Through decoupling system-wide information flow tracking from emulation, SWIFT regains the memory locality and code optimization. The proposed methods are able to aggressively eliminate dependency between the system-level emulator and the analysis thread. Our performance evaluation indicates that, under the same hardware specifications, SWIFT runs 2.74~7.48 times faster than the conventional interleaved design while being benchmarked by PassMark Performance Test 6.0. The performance improvement consequently makes the online analysis feasible in practice.