UGC NET COMMERCE June 2019 Q9
0. Which one of the following is used for international money transfer?
- Option : C
- Explanation : SWIFT stands for: Society for Worldwide Interbank Financial Telecommunications. SWIFT is a Cooperative Society registered in May 1973 in Brussels, Belgium. In an era of information technology SWIFT offers unique message processing services and provides a very fast, accurate and authenticated transfer of financial messages on global basis. It is a cooperative society of international banks and operates a computerized telecommunication system , which allows rap id, economical, secure and accurate transmission system for essential financial data. SWIFT services enable the retail as well as corporate customers to transfer funds around the world.
