What is the full form of "SWIFT" in the context of international banking transactions?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) - Society for Worldwide Interbank Financial Telecommunication
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. This code is used particularly for interbank transfer of money between banks & the majority of FOREX-related message are sent to correspondent banks abroad with the help of SWIFT code.