Q. Which of the following given statement about SWIFT, a messaging network is/are correct?
1. It is used by banks and financial institutions globally for quick and faultless exchange of information.
2. Each participant on the platform is assigned a unique 8-digit SWIFT code.
3. SWIFT is a platform that holds securities and money.
Select the correct answer using the codes given below:
Answer: A
Notes:
About SWIFT:
(a) SWIFT is a messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transactions;
(b) The network connects more than 11,000 banking and securities organizations in over 200 countries and territories;
(c) 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
