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The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also markets 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”.
Formation
SWIFT stands for “Society for Worldwide Inter Bank Financial Telecommunications”. Established in May 1973, it became operational since 9th May 1977. The registered office of this society is located at Brussels, Belgium. It is owned by about 250 Banks in Europe and North America. Many Banks in India have become the members of SWIFT.
Functions
The basic function of SWIFT is to provide a network exclusively dedicated to sending and receiving messages relating to banking and financial institutions. Presently 3000 banks in 84 countries are members of the SWIFT and therefore they enjoy the facility of using SWIFT network for sending their financial messages like
i) Telegraphic Transfers,
ii) Opening of Letters of Credit,
iii) Amendment to Letters of Credit etc.
SWIFT has a Regional Processor (RP) in each host country, through which all messages meant for the country are routed. Each user in that country is required to install a Computer Based Terminal (CBT) in his own premises. The CBT is a device for interfacing with the SWIFT RP through the telephone lines. India joined SWIFT in 1989. The Regional Processor for India is located in Bombay and is connected to SWIFT’s Satellite. Bombay is the International Gateway from / to India for SWIFT operations.
SWIFT Codes, also called Bank Identifier Codes (BIC), are composed of eight or eleven characters, and contain the following information:
First 4 characters – Represents the bank code (alphabetic)
- Next 2 characters – ISO 3166-1 alpha-2 country code (alphabetic)
- Next 2 characters – location code (alphanumeric) (passive participants have 1 in the second character)
Last 3 characters – Determines the branch code, optional (XXX for main branch/office(alphanumeric)
What is BankSwiftCode.ORG?
BankSwiftCode is a website that has been designed exclusively for offering free BIC Codes / Swift Codes directory for searching any financial institution’s Bank Identification Code. You have all the convenience of choosing from two kinds of searches- Alphabetical search and Keyword search, to have quick and convenient access. It is a simple process. You just need to add the bank’s name and you will be provided with all the information about that bank that is available in our database.
