SWIFT-BIC, BIC code, SWIFT ID or SWIFT code (ISO 9362) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.
The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN). The SWIFT network does not require a specific format for the transaction so the identification of accounts and transaction types is left to agreements of the transaction partners. In the process of the Single Euro Payments Area the European central banks have agreed on a common format based on IBAN and BIC including an XML-based transmission format for standardized transactions; the TARGET2 is a joint gross clearing system in the European Union that does not require the SWIFT network for transmission (see EBICS). The TARGET-directory lists all the BICs of the banks that are attached to the TARGET2-network being a subset of the SWIFT-directory of BICs.
Swift Code also known as BIC Code is a unique bank identifier used to verify financial transactions such as a Bank Wire Transfer.
The Bank Swift Code provides information about the bank and branch where the money should be transferred. Being able to check information about the Swift Code will provide you with the proper information necessary to make or receive payments. Some of the banks and their associated branches benefit from an address listing which provides you with the means to match swift codes with financial institution office address.
This unique swift code directory provides businesses and individuals with an easy way to avoid bank transfer and money transfer mistakes.
The SWIFT code / BIC code is made up of 8 or 11 characters, broken down as follows:
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles the registration of these codes. Because SWIFT originally introduced what was later standardized as Business Identifier Codes (BICs), they are still often called SWIFT addresses or codes.
Swift Code COBADEFFXXX Breakdown