Institution: PROBASHI KALLYAN BANK Exam: অফিসার (জেনারেল) (05-05-2023) || 2023
Topic: International General Knowledge, Subject: General knowledge(সাধারণ জ্ঞান)

Best Answer Explained in Below-:

The Society for Worldwide Interbank Financial Telecommunication, commonly known as SWIFT, is primarily a cooperative platform that facilitates secure and standardized communication between banks and financial institutions worldwide. Its main function is to enable the transfer of financial messages and instructions safely and efficiently. This makes it an essential element in the global financial ecosystem, particularly for international monetary transactions.

Unlike a traditional bank, SWIFT does not hold or transfer funds directly; instead, it provides a messaging service that enables banks to send instructions related to money transfers. When banks utilize SWIFT, they can seamlessly communicate details about payments, ensuring that transactions are processed accurately and without delay. This service minimizes the risk of errors and fraud, making it a reliable monetary transfer tool.

Given this functionality, option B, "a monetary transfer tool," accurately describes SWIFT's role within the finance industry, separating it from options like a club, e-commerce site, or a bank, which do not encompass its primary purpose of facilitating international financial communications.