{"id":87050,"date":"2025-06-01T04:27:05","date_gmt":"2025-06-01T04:27:05","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=87050"},"modified":"2025-06-01T04:27:05","modified_gmt":"2025-06-01T04:27:05","slug":"which-of-the-following-statements-relating-to-swift-is-are-correct","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-relating-to-swift-is-are-correct\/","title":{"rendered":"Which of the following statements relating to SWIFT is\/are correct?"},"content":{"rendered":"<p>Which of the following statements relating to SWIFT is\/are correct?<\/p>\n<ul>\n<li>1. It is a messaging network used by banks and financial institutions globally for quick and faultless exchange of information pertaining to financial transactions.<\/li>\n<li>2. It stands for Society for Worldwide Interbank Financial Telecommunications.<\/li>\n<\/ul>\n<p>Select the correct answer using the code given below.<\/p>\n<p>[amp_mcq option1=&#8221;1 only&#8221; option2=&#8221;2 only&#8221; option3=&#8221;Both 1 and 2&#8243; option4=&#8221;Neither 1 nor 2&#8243; correct=&#8221;option3&#8243;]<\/p>\n<div class=\"psc-box-pyq-exam-year-detail\">\n<div class=\"pyq-exam\">\n<div class=\"psc-heading\">This question was previously asked in<\/div>\n<div class=\"psc-title line-ellipsis\">UPSC Geoscientist &#8211; 2023<\/div>\n<\/div>\n<div class=\"pyq-exam-psc-buttons\"><a href=\"\/pyq\/pyq-upsc-geoscientist-2023.pdf\" target=\"_blank\" class=\"psc-pdf-button\" rel=\"noopener\">Download PDF<\/a><a href=\"\/pyq-upsc-geoscientist-2023\" target=\"_blank\" class=\"psc-attempt-button\" rel=\"noopener\">Attempt Online<\/a><\/div>\n<\/div>\n<section id=\"pyq-correct-answer\">\nThe correct answer is Both 1 and 2.<br \/>\n<\/section>\n<section id=\"pyq-key-points\">\nSWIFT 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.<br \/>\n<\/section>\n<section id=\"pyq-additional-information\">\nSWIFT 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.<br \/>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>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. [amp_mcq option1=&#8221;1 &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Which of the following statements relating to SWIFT is\/are correct?\" class=\"read-more button\" href=\"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-relating-to-swift-is-are-correct\/#more-87050\">Detailed Solution<span class=\"screen-reader-text\">Which of the following statements relating to SWIFT is\/are correct?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1091],"tags":[1105,1113],"class_list":["post-87050","post","type-post","status-publish","format-standard","hentry","category-upsc-geoscientist","tag-1105","tag-information-and-communication-technology","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which of the following statements relating to SWIFT is\/are correct?<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-relating-to-swift-is-are-correct\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Which of the following statements relating to SWIFT is\/are correct?\" \/>\n<meta property=\"og:description\" content=\"The correct answer is Both 1 and 2. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. 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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.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-relating-to-swift-is-are-correct\/","og_locale":"en_US","og_type":"article","og_title":"Which of the following statements relating to SWIFT is\/are correct?","og_description":"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.","og_url":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-relating-to-swift-is-are-correct\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2025-06-01T04:27:05+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-relating-to-swift-is-are-correct\/","url":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-relating-to-swift-is-are-correct\/","name":"Which of the following statements relating to SWIFT is\/are correct?","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2025-06-01T04:27:05+00:00","dateModified":"2025-06-01T04:27:05+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"description":"The correct answer is Both 1 and 2. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. 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