Thursday, 2 January 2014
02:42
The swift code is usually asked by web banking applications for money
transfers between two different banks (that are members of the swift
network). We are not only asked to provide the beneficiary’s bank
account number (or IBAN account number) that we want to send money to,
but we are also asked to provide the exact B.I.C. code of the branch of
the beneficiary’s bank. This site aims to simplify the process of
finding this code.
02:28
Swift codes are handled by the SWIFT organization and in particular from
a division called “SWIFT Standards”. S.W.I.F.T stands for “Society for
Worldwide Interbank Financial Telecommunication” and is a member owned
cooperative that is used by the financial world to conduct business
operations. These codes were initially introduced from S.W.I.F.T. as
“swift codes” but were later standardized as B.I.C. which stands for
“Business Identifier Codes”. Both terms are used today, and mean exactly
the same thing: a BIC code is a unique alphanumeric identification
code, consisting of combinations of letters and numbers, which is used
to uniquely identify an institution's branch among the members of the
swift network.
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