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Which of the following statements about SWIFT is NOT correct?1. SWIFT sells software and services to financial institutions2. SWIFT does not facilitate funds transfer3. All international interbank messages use the SWIFT network.4. None of the above

Answer» Correct Answer - Option 3 : All international interbank messages use the SWIFT network.
Option 3 is NOT correct.
  • The 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.
  • SWIFT also sells software and services to financial institutions, much of it for use on the SWIFTNet Network. 
    • The majority of international interbank messages use the SWIFT network. Hence, Option 3 is NOT correct.
  • SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other.


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