SWIFT

M1-R5.1 & CCC · Chapter 8: Digital Financial Tools and Applications · 1 min read

SWIFT

  • SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
  • SWIFT Send and receive international payment instructions
  • It is a global messaging network used by banks and financial institutions to send secure financial messages to each other.
  • Founded: 1973
  • Started operations: 1977
  • Founded by: 239 banks from 15 countries
  • Purpose: To replace slow and insecure paper-based international payment messages with a fast, secure electronic messaging system.

Some useful fullforms 

  1. ATM-(Automated Teller Machine)
  2. KYC- (Know Your Customer)
  3. PM-JDY-(Pradhanmantri Jan Dhan Yojna)-- August 2014
  4. PMSBY–(Pradhanmantri Suraksha Bima yojna) - available for (18 to 70 years people )
  5. PM-JJBY-(Pradhanmantri Jeevan Jyoti Bima yojna)
  6. APY-(Atal Pension yojna)
  7. PMMY-(Pradhan Mantri Mudra yojna)