The correct answer is: C. Society for Worldwide Inter-bank Financial Telecommunications
SWIFT is a secure messaging system that connects banks and other financial institutions around the world. It is used to send and receive financial messages, such as instructions to transfer money. SWIFT is not a bank, and it does not hold or transfer money. It is a cooperative society that is owned by its members.
SWIFT was founded in 1973 by 239 banks in Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States. Today, SWIFT has over 11,000 members in over 200 countries and territories.
SWIFT is a critical part of the global financial system. It allows banks to communicate with each other quickly and securely, which is essential for the smooth functioning of the global economy.
A. Society for Worldwide Inter-bank Fund Transfer is incorrect. SWIFT does not transfer money. It is a messaging system that banks use to send and receive financial messages.
B. Society for Worldwide Inter-bank Fast Transmission is incorrect. SWIFT is not a fast transmission system. It is a messaging system that banks use to send and receive financial messages.
D. None of the above is incorrect. The correct answer is C. Society for Worldwide Inter-bank Financial Telecommunications.