A worldwide financial messaging network which exchanges messages between banks and financial institutions is known as.....

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A worldwide financial messaging network which exchanges messages between banks and financial institutions is known as____

A	SWIFT
B	Basel
C	RTGS
D	NEFT

Explanation:

Detailed explanation-1: -A worldwide financial messaging network which exchanges messages between banks and financial institutions is known as SWIFT. SWIFT stands for Society for Worldwide Inter-bank Financial Telecommunication. SWIFT codes are also known as Business Identifier Codes.

Detailed explanation-2: -SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global member-owned cooperative that functions as a huge messaging system. Members (banks and other financial institutions) use it to quickly, accurately, and securely send and receive information, primarily money transfer instructions.

Detailed explanation-3: -Behind most international money and security transfers is the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system. SWIFT is a vast messaging network banks and other financial institutions use to quickly, accurately, and securely send and receive information, such as money transfer instructions.

Detailed explanation-4: -Society for Worldwide Interbank Financial Telecom. (SWIFT)

Detailed explanation-5: -The SWIFT messaging network is a component of the global payments system. SWIFT acts as a carrier of the “messages containing the payment instructions between financial institutions involved in a transaction".

There is 1 question to complete.