BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A SWIFT code is an international bank code that identifies particular banks worldwide. SWIFT stands for
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Society for Worldwide Interbank Funding Telecommunication
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Society for Worldwide Indian Financial Telecommunication
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Society for Worldwide Interbank Financial Telecommunication
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System for Worldwide Interbank Financial Telecommunication
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Explanation:
Detailed explanation-1: -SWIFT is an acronym for the Society for Worldwide Interbank Financial Telecommunications and may also be referred to as a CIC code. U.S. Bank’s swift code is USBKUS44IMT.
Detailed explanation-2: -Each bank has a unique SWIFT code. It usually consists of 11 characters divided into four groups: first, four letters to identify the bank; second, two letters to identify the country; third, two letters to indicate the bank’s location; and fourth (which is optional), three digits to specify the receiving branch.
Detailed explanation-3: -Society for Worldwide Interbank Financial Telecom. (SWIFT)
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