Q. With reference to Society for Worldwide Interbank Financial Telecommunication (SWIFT), consider the following statements:
1.It is merely a platform that sends messages and does not hold any securities or money.
2.It is owned and controlled by the Bank for International Settlements (BIS).
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
Notes:
  • Statement 1 is correct:It is merely a platform that sends messages and does not hold any securities or money.
  • Statement 2 is incorrect: SWIFT is owned and controlled by its shareholders (financial institutions) representing approximately 3,500 firms from across the world.

Source: Article

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