Concept:SWIFT is a secure messaging network that enables banks to send instructions for international money transfers.
Explanation:SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
It does not actually transfer money or settle payments.
Instead, it provides a standardized and secure platform for banks to exchange payment instructions.
Before SWIFT, banks used slower Telex messages for international fund transfers.
Each member bank gets a unique SWIFT code that identifies the bank, country, location, and branch.
This code ensures messages are processed accurately and securely.
Over 11,000 financial institutions in 200 countries use SWIFT.
The system is overseen by the central banks of G10 nations, the European Central Bank, and the National Bank of Belgium.
Notably, countries like Iran and North Korea have been excluded from SWIFT due to sanctions.
Recently, several Russian banks were removed from SWIFT in response to the Ukraine conflict.
Thus, SWIFT functions essentially as a global messaging backbone for interbank money transfers.
Answer:Global money transfer system (Option C).