Which of the following statements relating to SWIFT is/are correct?

1. It is a messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transactions.
2. It stands for Society for Worldwide Interbank Financial Telecommunications.

Select the correct answer using the code given below.

1 only

2 only

Both 1 and 2

Neither 1 nor 2

Answer is Right!

Answer is Wrong!

This question was previously asked in

UPSC Geoscientist – 2023

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The correct answer is Both 1 and 2.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a global network used by financial institutions to send and receive information securely regarding financial transactions, enabling fast and reliable communication for tasks like making international money transfers.

SWIFT is a cooperative society owned by its member financial institutions. It does not hold or transfer funds itself; rather, it transmits payment orders which are then settled through correspondent banking relationships. It is a vital piece of global financial infrastructure.

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