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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
SWIFT cooperates with international organizations to define standards for message format and content. SWIFT is also a registration authority (RA) for the following ISO standards: [20] ISO 9362: 1994 Banking – Banking telecommunication messages – Bank identifier codes
A bank’s SWIFT code is an eight- or 11-digit code with four components: Bank code: ... SWIFT or BIC codes are sometimes used with International Bank Account Numbers, or IBANs. An IBAN identifies ...
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.
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.
SWIFT cooperates with international organizations to define standards for message format and content. CIPS also subscribes to registration authority (RA) for the following ISO standards: [10] ISO 9362: 1994 Banking—Banking telecommunication messages—Bank identifier codes
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.
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.