What Is S.w.i.f.t ?

[Ehab]

Dear All,

Can someone kindly guide me into having an answer !!!! " What is S.W.I.F.T ??? "

and what are the practical steps to be involved ???

Thanks in advance for your response,

[MrD]

SWIFT stands for- Society for Worldwide International Financial Telecommunication. The SWIFT code of a bank is an alphanumeric code that uniquely identifies your financial institution. SWIFT code is also known as BICor Bank Identifier Code. You do not need to know your bank's SWIFT code unless you are doing international transactions.

The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office.

• First 4 characters - bank code (only letters)
• Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
• Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character)
• Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)

 

[Ehab]

Dear Dennis,

Thank you so much for your kind reply.

[⭐ Waseem Anwer]

The "Society for Worldwide Interbank Financial Telecommunication" ( 'SWIFT' ) operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions. SWIFT also markets a software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are popularly known as SWIFT CODES.