‘SWIFT’ stands for :
Society for Worldwide Inter-bank Financial Telecommunications
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is a member-owned cooperative founded in 1973 and headquartered in Belgium.
SWIFT provides a secure, standardised messaging network that banks and financial institutions use to send payment orders, letters of credit, securities and treasury messages across borders. India joined the network in 1991.
SWIFT does not itself transfer funds or hold accounts; it only transmits the financial messages, and settlement happens through correspondent bank accounts. That is why the expansion refers to telecommunication rather than fund transfer or fast transmission.
Hence, Society for Worldwide Inter-bank Financial Telecommunications.
Similar Questions
Match the items of List-I with the items of List-II and select the correct answer using the codes given below the lists.
List-I List-II (a) Rural Industries Programme (i) Meant for various target groups like Rural youth, Ex-serviceman, women and Scheduled Castes/Tribes (b) Mahila Vikas Nidhi Scheme (ii) Aim at ensuring flow of credit to the disadvantaged sections of the society. (c) Entrepreneurship Development Programme (iii) Commercial exploitation of local resources. (d) Micro Credit Scheme (iv) Provides assistance to voluntary organizations for the benefit of women. Codes :
(a) (b) (c) (d)
Phishing is an attempt to acquire :
Important Questions from Miscellaneous
Which event is marked as an Intangible Cultural Heritage of Humanity by UNESCO?
Who has been conferred with the rank of the Commander of the Order of the British Empire in 2018?
Who directead the film ‘Bhuvan Shome’?
The book “In my mother’s house” is written by _______
In which state is Vishwa Mitra Ka Tila situated?
