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The institution Code for DBS is 7171. In 2012, DBS introduced a New Generation IB Secure Device as part of the financial industry-wide initiative for an even safer online banking experience. The device has stronger authentication capabilities and provides users with an extra layer of security against potential fraudulent activities and threats.
The previous edition is ISO 9362:2009 (dated 2009-10-01). 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
SWIFT messages consist of five blocks of data including three headers, message content, and a trailer. Message types are crucial to identifying content. All SWIFT messages include the literal "MT" (message type/text [2]). This is followed by a three-digit number that denotes the message category, group and type. Consider the following two examples.
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 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 (national) bank codes differ from the international Bank Identifier Code (BIC/ISO 9362, a normalized code - also known as Business Identifier Code, Bank International Code and SWIFT code). Those countries which use International Bank Account Numbers (IBAN) have mostly integrated the bank code into the prefix of specifying IBAN account numbers.
MT940 is a specific SWIFT message type used by the SWIFT network to send and receive end-of-day bank account statements. [1]Message Type 940 is the SWIFT standard (Banking Communication Standard) for the electronic transmission of account statement data.
The Clearing House Interbank Payments System (CHIPS) is a United States private clearing house for large-value wire transfer transactions. [1]As of late 2024, it settles approximately 500,000 payments totaling US$1.8 trillion per day. [2]