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?
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.
Source: Article