Practicing Success
What is the full form of "SWIFT" in the context of international banking transactions? |
Society for Worldwide Interbank Financial Transaction Society for Worldwide and International Financial Transaction Society for Worldwide International Financial Telecommunication Society for Worldwide Interbank Financial Telecommunication |
Society for Worldwide Interbank Financial Telecommunication |
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. |