SWIFT CODE Meaning and
Definition
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A Swift Code, also known as a Bank Identifier Code (BIC), is a standardized international code used for the identification of banks worldwide. It is a unique combination of letters or numbers assigned to each financial institution, facilitating global communication and ensuring accurate and secure international transactions.
The primary purpose of a Swift Code is to enable fast and secure transmission of information, mainly when it comes to cross-border payments or money transfers. It provides a standardized format for identifying the bank, country, and branch involved in a financial transaction. This code is essential for banks and financial institutions to process international transfers seamlessly and directs the funds to the correct destination.
The Swift Code consists of eight to eleven characters, divided into various sections. The first four letters represent the bank's name or code. The following two letters signify the country code, as per ISO standards. The next two characters indicate the location code, typically representing the city where the bank is based. Lastly, the last three digits (optional) represent the branch code, providing further specificity.
Having a Swift Code ensures the transparency, efficiency, and accuracy required for international financial transactions. It allows banks to communicate effectively with one another, facilitating a smooth transfer of funds across different countries, currencies, and financial institutions. The Swift Code acts as a global identification system, assisting in the verification of banking details and reducing potential errors or delays in cross-border transactions.
Common Misspellings for SWIFT CODE
- awift code
- zwift code
- xwift code
- dwift code
- ewift code
- wwift code
- sqift code
- saift code
- ssift code
- seift code
- s3ift code
- s2ift code
- swuft code
- swjft code
- swkft code
- swoft code
- sw9ft code
- sw8ft code
- swidt code
- swict code
Etymology of SWIFT CODE
The term "SWIFT code" is an acronym for Society for Worldwide Interbank Financial Telecommunication. SWIFT codes were created by this organization to facilitate secure and efficient communication between financial institutions globally. The acronym was chosen to reflect the organization's mission of providing a swift and reliable means of transferring financial information between banks around the world.
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