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    Question

    In payment systems what does SWIFT stands

    for?
    A System Worldwide Interbank Foreign Transfer Correct Answer Incorrect Answer
    B Secure Wire Interbank Funds Transfer Correct Answer Incorrect Answer
    C Standard Worldwide Internet Fund Transfer Correct Answer Incorrect Answer
    D Society for Worldwide Interbank Financial Telecommunication Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    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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