Q. Consider the following statements regarding SWIFT:
1. It provides a network that enables financial institutions worldwide to send and receive information about financial transactions.
2. It is a global member-owned cooperative that is headquartered in Belgium.
Which of the above statements is/are incorrect?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: D
Notes:

Both statements are correct 

  • Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.In other words,It transports messages from one bank to its intended bank recipient. 
  • SWIFT is a global member-owned cooperative that is headquartered in Brussels, Belgium.It was founded in 1973 by a group of 239 banks from 15 countries.It was formed as a co-operative utility to develop a secure electronic messaging service and common standards to facilitate cross-border payments. 

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