The SWIFT (The Society for Worldwide Interbank Financial Telecommunication) frequently mentioned in news, is essentially a
- A. Global financial intelligence agency
- B. Global terror finance detection system
- C. Global money transfer system ✓
- D. Global stock-market information sharing system
Correct Answer: C. Global money transfer system
Explanation
SWIFT is a secure, global messaging network that financial institutions use to rapidly and accurately transmit information and instructions, effectively serving as the backbone for international money transfers.
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