So say you're busy doing stuff on your phone and someone sends you a message which appears as a toast notification at the top of the iPhone screen. To dismiss it, simply swipe left on the banner /toast notification;
Alternatively, you might also swipe down from the top of the screen to bring down the notification center, and then swipe back up (the toast notification will follow the notification center and disappear from your screen). This saves a few seconds of waiting especially if you need access to the top of your screen eg. the back button.
Don't forget to thumbs up!