Question
Download Solution PDFIn the context of international banking transactions what is the full form of SWIFT?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is option 1, i.e. Society for Worldwide Interbank Financial Telecommunication.
- SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
- SWIFT is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions.
- At its core, SWIFT is basically just a bank-to-bank messaging system.
- It supplies a standardized language that institutions use to communicate payment instructions and other info to each other.
- SWIFT assigns each financial organization a unique code that has either eight characters or 11 characters.
- The code is interchangeably called the bank identifier code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code.
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