Economics • Banking & FinanceEasy
What does 'SWIFT' stand for in international banking and financial telecommunications?
A. Society for Worldwide Interbank Financial Telecommunication✓ Correct Answer
B. Secure Worldwide Inter-bank Foreign Transfer system
C. Systemwide Wire Transfer and Financial Transactions network
D. Standardized World Interbank Financial Trade mechanism
💡 Solution & Explanation
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, a secure messaging network used by financial institutions globally to execute cross-border wire transfers. It functions as a cooperative rather than a direct transfer system.
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