SWIFT codes are used for
A) identifying a payee in another country.
B) speeding up deposits.
C) identifying a particular branch of a bank worldwide.
D) making certain any cheques written are cleared as soon as possible.

Question

Quizplus · Accepted Answer

SWIFT codes are used to identify a particular branch of a bank worldwide, allowing for efficient and secure international transfers of funds. They do not necessarily speed up deposits or clear cheques any faster, but they do help ensure that the funds are directed to the correct location.

SWIFT Codes Are Used for