Final answer:
A financial institution requires both an ABA routing number for domestic transactions and a SWIFT code for international transfers to receive and initiate wires.
Step-by-step explanation:
To receive and initiate wires, a financial institution typically needs to have both an ABA routing number and a SWIFT code. An ABA routing number is primarily used for domestic transactions within the United States and is a nine-digit identifier that tells where a bank account was opened. A SWIFT code, on the other hand, is used for international wire transfers and is an alphanumeric code that identifies specific banks internationally. Therefore, for financial institutions to handle both domestic and international wire transfers effectively, they require access to both of these systems.
The correct answer to the given question is C. both ABA routing number and SWIFT code.