In it, a worldwide recognised identification code used at the time of international credit transfer between banks and also when there is an exchange of messages between banks.

BANKING GENERAL KNOWLEDGE

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

A	IFSC Code
B	SWIFT Code
C	NEFT Code
D	BIS Code

Explanation:

Detailed explanation-1: -SWIFT stands for Society of Worldwide Interbank Financial Telecommunication. SWIFT is also known as Bank Identifier Code (BIC) and is approved by International Organisation for Standardisation. The SWIFT system sends predefined messages and instructions to overseas banks for incoming payments.

Detailed explanation-2: -The Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code is a unique identification code that may be required by some banks, broker-dealers and investment managers for the completion of international wire transfers.

Detailed explanation-3: -What is a SWIFT/BIC code? A SWIFT code, also called a SWIFT number, is used to identify banks and financial institutions worldwide. The term Business Identifier Code (BIC) is used interchangeably with SWIFT code and means the same thing.

Detailed explanation-4: -IBAN is short for International Bank Account Number. SWIFT is short for Society for Worldwide Interbank Financial Telecommunication) a.k.a. BIC code (Bank Identifier Number). Used to identify an individual account in cross-border payments. Used to identify a specific bank during an international transfer.

Detailed explanation-5: -How does an IBAN differ from a SWIFT code? Whilst a SWIFT code is used to determine a particular bank, your IBAN identifies the individual bank account you’re using for international bank transfers.

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