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. The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN). The codes can sometimes be found on account statements. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI. The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is a unique identification code for both financial and non-financial institutions. SWIFT code, BIC code, SWIFT ID or SWIFT - BIC ( ISO 9362) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO).

These codes are used when transferring money between banks, for international wire transfers or SEPA payments. Because SWIFT originally introduced what was later standardized as Business Identifier Codes (BICs), they are still often called SWIFT addresses or codes.Ī Swift Code is the standard format for Business Identifier Codes (BIC) and it's a unique identification code for banks and financial institutions globally. SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles the registration of these codes. Where an 8-digit code is given, it may be assumed that it refers to the primary office. 3 letters or digits: branch code, optional ( 'XXX' for primary office).if the second character is '2', then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.if the second character is '1', then it denotes a passive participant in the SWIFT network.if the second character is '0', then it is typically a test BIC as opposed to a BIC used on the live network.2 letters: ISO 3166-1 alpha-2 country code.4 letters: Institution code or bank code.The SWIFT code / BIC code is made up of 8 or 11 characters, broken down as follows:

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