General Knowledge · Banking Communication Networks
Which of the following statements correctly identifies the SWIFT message category typically used for financial institution transfers (non-routine, clean transfers), the standard SWIFT Bank Identifier Code (BIC) address length, and the correct functional nature of SWIFT?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Primary Function: Message Type MT 900 series; SWIFT Address Length: 8 or 11 characters; SWIFT Role: SWIFT acts as a clearing house for cross-border payments.
- 2Primary Function: Message Type MT 200 series; SWIFT Address Length: 8 or 11 characters; SWIFT Role: SWIFT is a global communication network that transmits financial messages but does not settle funds.✓
- 3Primary Function: Message Type MT 100 series; SWIFT Address Length: 11 characters only; SWIFT Role: SWIFT is a global communication network.
- 4Primary Function: Message Type MT 700 series; SWIFT Address Length: 8 or 11 characters; SWIFT Role: SWIFT is a settlement mechanism providing finality of payment.
Correct answer
Primary Function: Message Type MT 200 series; SWIFT Address Length: 8 or 11 characters; SWIFT Role: SWIFT is a global communication network that transmits financial messages but does not settle funds.
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