BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

SWIFT is a network for banks to exchange information. What is the expanded form?

A	Safe window for international transactions
B	Secured worldwide international transactions
C	Society for worldwide interbank financial telecommunications
D	All of the above

Explanation:

Detailed explanation-1: -What is the Full form of SWIFT? The full form of SWIFT is Society for Worldwide Interbank Financial Telecommunications. SWIFT is a member-owned cooperative that offers secure and safe money transfers for its representatives.

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: -SWIFT stands for Society for Worldwide Interbank Financial Telecommunications in the field of banking. It is a type of network involved in the transfer of financial messages that requires privacy and safety while being transported.

There is 1 question to complete.