What is Meant By SWIFT CODE ?

Society for Worldwide Interbank financial Telecommunication code. degree internationally-recognized identification code for banks around the world. SWIFT codes are most commonly used for international wire transfers and are comprised of eight or eleven alphanumerical characters. The alignment of Standardization (IOS) was the authoritative body that approved the creation of SWIFT codes.

Inside a SWIFT human action

SWIFT is also a electronic communication network that financial institutions use to firmly transmit data and directions through a uniform system of codes.

SWIFT assigns each establishment a unique code that has either eight characters or eleven characters. The code is interchangeably called the bank image code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code. to understand but the code is assigned, let’s investigate Italian bank UniCredit Banca, headquartered in metropolis. it is the 8-character SWIFT code UNCRITMM.

First four characters: the institute code
Next two characters: the country code

Next two characters: the location/city code
Last three characters: nonmandatory, but organizations use it to assign codes to individual branches.

As powerful as SWIFT is, confine mind that it's entirely a electronic communication system – SWIFT does not hold any funds or securities, nor can it manage client accounts.