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    Question

    The SWIFT code used in international banking

    transactions is primarily used to identify:
    A The beneficiary's account number Correct Answer Incorrect Answer
    B The specific bank and branch Correct Answer Incorrect Answer
    C The type of currency Correct Answer Incorrect Answer
    D The nature of the transaction Correct Answer Incorrect Answer
    E The exchange rate Correct Answer Incorrect Answer

    Solution

    A SWIFT code (also known as a BIC) is a unique identification code for a particular bank and, often, a specific branch. It is essential for secure international wire transfers.

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