SWIFT Code and Its formation II BIC II International Trade

SWIFT Code and Its formation II BIC II International Trade
In this video I talked about SWIFT. Swift stands for Society for Worldwide Interbank Financial Telecommunication. It’s a Belgium based cooperative society where members are Banks & financial institutions as well as its product is financial telecommunication. The said cooperative society provides a network with 24/7 basis real-time transmission facilities that enables banks & financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment using swift codes.

What is Swift code?
A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Code that means BIC. It’s used to identify banks and financial institutions globally as it’s a unique ID of a Bank or financial institution like an international Bank ID or like a virtual address.

How it’s formatted?
SWIFT codes comprise of 8 or 11 Characters. Where an 8-characters swift code is given, it has to be assumed that it refers to the primary office, main office or head office of any bank or financial institution. On the other hand, where an eleven characters swift code is given, it has to be assumed that it refers to the branch office of any bank or financial institution. Bankers may use three cross symbol in the case of eight characters swift code to fulfill the eleven characters swift format. For counting number of Characters in swift code, such three cross symbol ‘XXX’ should be eliminated because cross symbol is not the part of swift code.

You may be surprised to hear that swift network or swift code is not used to make any local or international payment. Yes, it’s a right statement because swift code is used for providing LC, BG, payment order & other financial information etc. All branches of a bank don’t have any swift code. Only branches which deal foreign transactions will have a swift code. I think you got a clear idea about swift.

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