Question : In the context of the financial system, what does the abbreviation SWIFT stand for?
Option 1: Society for Web Interlinked Financial Transfers
Option 2: Socially Worldwide Identifier Financial Transfers
Option 3: Society for Worldly Interface Financial Telecommunication
Option 4: Society for Worldwide Interbank Financial Telecommunication
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Correct Answer: Society for Worldwide Interbank Financial Telecommunication
Solution : The correct answer is the Society for Worldwide Interbank Financial Telecommunication .
The majority of international money and security transfers are powered by the Society for Worldwide Interbank Financial Telecommunications (SWIFT) technology. Financial institutions use the extensive messaging network known as SWIFT to send and receive information, including instructions for money transfers, quickly, precisely and securely.
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