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Importance Of Swift Codes In Banking

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A Society for Worldwide Interbank Financial Telecommunication or SWIFT code is a standardized format Bank Identifier Code (BIC), which identifies a bank, and is used in place of the bank’s address. Banks use these codes to transmit secure messages, and facilitate International Money Transfers. A SWIFT code identifies a specific financial institution within the SWIFT network.
What is a SWIFT CODE?

SWIFT codes or BIC codes are used worldwide. These are some of the codes that are entered into transactions. SWIFT codes are a type of code often used in international banking transactions. They are used with the particular bank identifier code or BIC. Each bank has particular identifier or BIC code. It should be noted that there are over 100,000 …show more content…

These are the bank codes that banks will use when sending or transferring money. SWIFT codes and BIC codes are used in many bank transfers. These are the options you need. It is one of the things that is important so that the money is transferred into the right account. Financial institutions can make sure that they are using the correct options in a wire transfer.
These are some of the important things your institution needs to make sure of when inputting the transfers or entities need to be accomplished. It is the information that banks use within their internal electrical system. The International banking industry handles registration of Swift codes. The BIC and Swift system are a great delivery service, and part of what makes financial institutions work nearly flawlessly.
Swift codes are broken down into sections, in the same manner as telephone numbers, and every section reveals some information about the institution that was assigned this code. They consist of eight or eleven characters.

A. First 4 characters - bank code (only letters)
B. Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
C. Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second

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