Q. Consider the following statements about SWIFT:
1. SWIFT is a messaging network used by banks and financial institutions globally to quickly, accurately, and securely send and receive information, such as money transfer instructions.
2. It is overseen by G-10 central banks.
3. It is headquartered at Washington DC.
Which of the statements given above is/are correct?
About SWIFT:
- SWIFT is a messaging network used by banks and financial institutions globally to quickly, accurately, and securely send and receive information, such as money transfer instructions.
- SWIFT carries an average of approximately 26 million financial messages each day.
Headquarters: Belgium
Established in: 1973
Overseen by: G-10 central banks (Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, United Kingdom, United States, Switzerland, and Sweden) as well as the European Central Bank (ECB)
Governance: SWIFT is owned and controlled by its shareholders (financial institutions) representing approximately 3,500 firms from across the world. The shareholders elect a Board of 25 independent Directors representing banks across the world, which governs the Company and oversees the management of the Company.
Note: SWIFT does not hold or transfer assets or money; neither is it a financial institution itself. Rather, it just facilitates secure, efficient communication between member institutions.
Source: Indian Economy (core)
