ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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shipping system to process export payments between member banks worldwide
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telecommunication system to process interbank financial payments between member banks worldwide
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importing system to process payments between member banks worldwide
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None of the above
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Detailed explanation-1: -What is SWIFT? SWIFT is a vast and secure messaging system that allows banks and other financial institutions from all around the world to send and receive encrypted information, namely cross-border money transfer instructions.
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: -SWIFT is the network of 11, 000 member financial institutions that enables fast, secure international wire transfers. The network doesn’t transfer any physical funds, but rather provides a standard way to send payment orders. In 2020, around 35 million orders per day were sent via the SWIFT network.
Detailed explanation-4: -SWIFT is an acronym for the Society for Worldwide Interbank Financial Telecommunications and may also be referred to as a CIC code.
Detailed explanation-5: -SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a global messaging system that communicates transaction orders through a network of financial institutions.