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The SWIFT code is 8 or 11 characters, made up of: 4 letters: institution code or bank code. 2 letters: ISO 3166-1 alpha-2 country code (exceptionally, SWIFT has assigned the code XK to Republic of Kosovo, which does not have an ISO 3166-1 country code) 2 letters or digits: location code
A typical British bank statement header (from a fictitious bank), showing the location of the account's IBAN. The International Bank Account Number (IBAN) is an internationally agreed upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a cooperative established in 1973 in Belgium (French: Société Coopérative) and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. [2]
A bank’s SWIFT code is an eight- or 11-digit code with four components: Bank code: Four letters that represent an abbreviated version of the financial institution’s name
For international wire transfers, additional information may be required, such as the recipient’s full name, physical address, bank name and address, bank account number and type, bank routing number, and the bank's SWIFT or IBAN code. The fees and processing times can vary depending on the service provider and the destination country.
The rules vary to a great extent between the countries. Also the name of bank codes varies. In some countries the bank codes can be viewed over the internet, but mostly in the local language. The (national) bank codes differ from the international Bank Identifier Code (BIC/ISO 9362, a normalized code - also known as Business Identifier Code ...
By the end of 2019, 1017 banking institutions from 59 BRI countries and regions (including mainland China, Hong Kong SAR, Macao SAR, and Taiwan) ran their business via CIPS. In 2021, CIPS processed around 80 trillion yuan ($12.68 trillion), with about 1280 financial institutions in 103 countries and regions having connected to the system.
List of international financial institutions: . African Development Bank; Asian Development Bank; Asian Infrastructure Investment Bank; Bank for International Settlements; Black Sea Trade and Development Bank