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Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT)
- SWIFT sells software and services to financial institutions
- All international interbank messages use the SWIFT network.
- SWIFT does not facilitate funds transfer.
Which of the above statements is/are correct?
- a)1, 2
- b)2, 3
- c)1, 3
- d)1, 2, 3
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements about Society for Worldwide Interban...
Answer to above question is C.
statement 2 is wrong:
All banks in the world won't rely on a particular system of international communication. China has its own Cross border interbank payment system, Russia has SPFS system for transfer of financial messages.
So by this method you can eliminate other three.
statement 2 is wrong:
All banks in the world won't rely on a particular system of international communication. China has its own Cross border interbank payment system, Russia has SPFS system for transfer of financial messages.
So by this method you can eliminate other three.
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Consider the following statements about Society for Worldwide Interban...
SWIFT Overview
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a messaging network used by financial institutions globally to securely transmit information and instructions regarding financial transactions.
Correct Statements
- Statement 1: SWIFT sells software and services to financial institutions. This statement is correct as SWIFT offers a variety of products and services to facilitate secure communication and messaging between banks and financial institutions.
- Statement 3: SWIFT does not facilitate funds transfer. This statement is also correct as SWIFT is primarily a messaging network and does not actually transfer funds between banks. It provides a secure channel for banks to communicate information related to transactions.
Incorrect Statement
- Statement 2: All international interbank messages use the SWIFT network. This statement is incorrect as while SWIFT is widely used for international interbank communication, it is not the only network available for such purposes. There are other networks and systems that facilitate international interbank messages as well.
Therefore, the correct answer is option 'C' which includes the correct statements that SWIFT sells software and services to financial institutions and does not facilitate funds transfer.
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a messaging network used by financial institutions globally to securely transmit information and instructions regarding financial transactions.
Correct Statements
- Statement 1: SWIFT sells software and services to financial institutions. This statement is correct as SWIFT offers a variety of products and services to facilitate secure communication and messaging between banks and financial institutions.
- Statement 3: SWIFT does not facilitate funds transfer. This statement is also correct as SWIFT is primarily a messaging network and does not actually transfer funds between banks. It provides a secure channel for banks to communicate information related to transactions.
Incorrect Statement
- Statement 2: All international interbank messages use the SWIFT network. This statement is incorrect as while SWIFT is widely used for international interbank communication, it is not the only network available for such purposes. There are other networks and systems that facilitate international interbank messages as well.
Therefore, the correct answer is option 'C' which includes the correct statements that SWIFT sells software and services to financial institutions and does not facilitate funds transfer.
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Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT) SWIFT sells software and services to financial institutions All international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?
Question Description
Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT) SWIFT sells software and services to financial institutions All international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT) SWIFT sells software and services to financial institutions All international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT) SWIFT sells software and services to financial institutions All international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT) SWIFT sells software and services to financial institutions All international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT) SWIFT sells software and services to financial institutions All international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT) SWIFT sells software and services to financial institutions All international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?.
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