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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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