what is the meaning of swift/bic

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SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as a BIC (Bank Identifier Code), is a unique identification code used to facilitate international financial transactions.

Identification of Banks

The SWIFT/BIC code uniquely identifies financial institutions, such as banks, for the purpose of securely routing transactions across international borders.

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Format

A SWIFT/BIC code typically consists of 8 or 11 alphanumeric characters and provides information about the bank’s country, city, and branch.

Importance in International Banking

SWIFT/BIC codes play a crucial role in ensuring accurate and efficient cross-border payments, as they help route transactions to the correct bank.

Conclusion

The SWIFT/BIC code system is essential for global financial transactions, enabling seamless and secure communication between banks worldwide.

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