TNPSC
Current Affairs - April 2018 by TNPSC Guru
ICICI Banks become the first India Bank to go live on SWIFT’s Global payment innovation service.
Recently Reserve Bank of India has asked all banks to link its core banking solution with SWIFT(Society for Worldwide Interbank Financial Telecommunications) interbank messaging system by April 30.
About SWIFT.
- SWIFT is a messaging networks that financial institution use to securely transmit information and instructions through an identification codes.
- SWIFT Codes mostly used for international wire transfers which consists of 8 to 11 alphanumeric characters.
- It is founded in 1973, headquarters in La Hulpe, Belgium.
- International Organisation of Standardization which approves the creation of SWIFT Codes.
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