Bankswiftcode Launched SWIFT Code Database on the Internet

Online, October 21, 2013 (Newswire.com) - What are SWIFT and BIC codes?

SWIFT and BIC codes are synonymous to each other. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication - a "member-owned cooperative" as described by www.bankswiftcode.org.

They have been able to create a financial communications network including banks from countries around the world thereby transferring messages between banks on the context of funds transfers. It was incepted in 1973 and ever since has been providing a way of notifying a bank when they receive a given amount of money from another financial institution or bank.

What is a BIC Code?

Each bank or financial institution within SWIFT has a unique code that helps to identify different institutions while sending messages over secured network.

The codes are called Business Identifier Codes or BIC and are assigned to individual bank branches and headquarters as well. In short it is like the telephone number for a financial institution. It is a unique name for each bank and are governed and approved by the International Standardization Organization (ISO) under the ISO_9362 standard.

What is a SWIFT code?

SWIFT code is another name for BIC. SWIFT was introduced first with the term SWIFT code or SWIFT Addresses and was later standardized as BIC. There is no difference between the two.

What does a SWIFT/BIC code look like?

The SWIFT code consists of 8 or 11 alpha numeric characters. The structure is described below:

The first 4 letters are the bank or institution identifier code.
The second 2 characters are the ISO two-letter country code. (Ex. US, UK, DE etc…)
The third 2 characters are the location code specifying where the branch is located.
And the last 3 characters are the branch code, identifying the individual branch of the bank.

Note: If the SWIFT code is of 8 characters, it is the main office/branch of the bank. If the last 3 characters are 'XXX' it refers to the main branch as well.

How to find out the SWIFT code of any bank?

BankSwiftCode.org is a website dedicated to provide free SWIFT/BIC directory to help clients find the code of any bank or financial institution in the SWIFT system. Our database is carefully combined through various public sources and hence trustworthy.

Simply visit www.bankswiftcode.org and get access to our friendly search or browse through the countries and banks in our database for your SWIFT code.