Q. Which of the following statement about SWIFT is not correct?

[A] SWIFT is a messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transaction.

[B] Each participant on the platform is assigned a unique 12-digit SWIFT code.

[C] It is headquartered in Belgium.

[D] It enables standardized and reliable communication to facilitate the transaction.

Answer: B
Notes:

About SWIFT:

  • SWIFT is a messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transactions;
  • The network connects more than 11,000 banking and securities organizations in over 200 countries and territories;
  • It is headquartered in Belgium;
  • Each participant on the platform is assigned a unique 8-digit SWIFT code or a Bank Identification Code (BIC) which is essential for any inter-bank transfer;
  • SWIFT is only a platform that sends messages and does not hold any securities or money. It enables standardized and reliable communication to facilitate the transaction.

Source: EPIC February 2022

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