The society for world-wide inter-bank financial telecommunication (SWIFT)

BANKING GENERAL KNOWLEDGE

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

A	was registered as a company in Belguim
B	is a bank-owned non-profit co-operative society
C	became operational in May 1977
D	None of these

Explanation:

Detailed explanation-1: -Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a member-owned cooperative that provides safe and secure financial transactions for its members.

Detailed explanation-2: -Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.

Detailed explanation-3: -How does SWIFT make money? SWIFT is actually a non-profit organization. The SWIFT was created as a co-operative society between several banks who were tired of using ineffective methods of sending payments. Its purpose is not to make money.

Detailed explanation-4: -Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a not for profit cooperative society formed by European Bankers to provide a network for a secure and standardized communication about transactions between the member banks.

There is 1 question to complete.