SWIFT code or ISO 9362 is actually the standard format of Business Identifier Code. It is an internationally approved identification code for banks worldwide. It has an approval from the International Organization for Standardization (ISO) and hence is trustworthy. SWIFT that stands for Society for Worldwide Interbank Financial Telecommunication is the unique identification code provided to every institution, be it financial or non-financial. These codes are mostly used during the transfer of money between banks, especially during international wire transfers. It also comes handy while exchanging confidential messages between banks. You may find these codes on account statements too.
SWIFT code: Its composition
SWIFT codes are 8 to 11 alphanumeric characters long.
Note: If you come across an 8-digits code, it must be referring the primary office.
The first 4 characters (only letters) represents the bank code
The next 2 characters (only letters) represents the country code
The next 2 characters (both letters and digits) represent the location code
The last 3 characters (both letters and digits) represent the branch code.
The registration of SWIFT code is in the hands of Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) with its headquarters located in La Hulpe, Belgium.
Today, there are over 7,500 live SWIFT codes around the world. They are co partners who are actively connected to the SWIFT network round the clock. In addition to it, there are more than 10,000 codes employed for manual transactions. Well, these codes are for passive participants though.
Find more articles at my company profile at Phoenix.spoke.com
SWIFT code: Its composition
SWIFT codes are 8 to 11 alphanumeric characters long.
Note: If you come across an 8-digits code, it must be referring the primary office.
The first 4 characters (only letters) represents the bank code
The next 2 characters (only letters) represents the country code
The next 2 characters (both letters and digits) represent the location code
The last 3 characters (both letters and digits) represent the branch code.
The registration of SWIFT code is in the hands of Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) with its headquarters located in La Hulpe, Belgium.
Today, there are over 7,500 live SWIFT codes around the world. They are co partners who are actively connected to the SWIFT network round the clock. In addition to it, there are more than 10,000 codes employed for manual transactions. Well, these codes are for passive participants though.
Find more articles at my company profile at Phoenix.spoke.com
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