Bank Code Facts - Practice Test Geeks

8 to 11 characters

12 or more characters

2 to 5 characters

6 to 7 characters

Correct! Wrong!

It makes international payments faster.

It is less expensive for banks to use.

It makes international payments more secure.

They can track international payments and get information about registered users without depending on other banks.

Correct! Wrong!

Banks just need to connect their applications, web version and further systems with SWIFT authority.

A unique identity to their users.

A set of APIs, authentication and security structure to seamlessly conduct such payments.

A toolkit to conduct such payments.

Correct! Wrong!

False

True

Correct! Wrong!

They are always 11 characters long.

They are always 8 characters long.

There is no set format for them.

All BIC and SWIFT codes follow the same format.

Correct! Wrong!

Bank Interchangeable Code

Bank Identification Code

Bolt Identification Code

Base Interest Charge

Correct! Wrong!

To calculate interest rates

To process international transactions

To identify financial institutions

To track banknotes

Correct! Wrong!