Answer-In payment systems what does SWIFT stands for?

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Question

In payment systems what does SWIFT stands for?

A System Worldwide Interbank Foreign Transfer Correct Incorrect

B Secure Wire Interbank Funds Transfer Correct Incorrect

C Standard Worldwide Internet Fund Transfer Correct Incorrect

D Society for Worldwide Interbank Financial Telecommunication Correct Incorrect

E None of the above Correct Incorrect

Detailed Solution

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. The majority of international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts .

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