SWIFT is a short form for Society for Worldwide Interbank Financial Telecommunication Code. A unique identification code is assigned to a specific bank to proceed with money transfer between banks internationally. Moreover, the code is also used when there is an interchange of messages between banks.
SWIFT code is allotted to the financial as well as the non-financial institution. The code is a combination of 8 or 11 alphanumeric characters. The details of the code are provided below.
•First four characters represent bank code. (Letters only, i.e. AAAA)
•Next two characters represent the country code. (Letters only, i.e. BB)
•Next, two characters represent location code (letters and digits, i.e. 1C)
•Last three characters are optional that represents branch code (letters and digits (DDD)
SWIFT Code Standard
A Swift Code is the standard format for Business Identifier Codes (BIC) and it's a unique identification code for banks and financial institutions globally. These codes are used when transferring money between banks, for international wire transfers or SEPA payments.
SWIFT code, BIC code, SWIFT ID, or SWIFT - BIC (ISO 9362) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.
The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN). The SWIFT network does not require a specific format for the transaction so the identification of accounts and transaction types is left to the agreements of the transaction partners. In the process of the Single Euro Payments Area, the European central banks have agreed on a common format based on IBAN and BIC including an XML-based transmission format for standardized transactions; the TARGET2 is a joint gross clearing system in the European Union that does not require the SWIFT network for transmission (see EBICS). The TARGET directory lists all the BICs of the banks that are attached to the TARGET2-network being a subset of the SWIFT directory of BICs.
EXAMPLE
HDFC BANK LIMITED SWIFT Code Details
SWIFT code : HDFCINBBXXX
Swift code (8 characters) : HDFCINBB
Branch Name : HDFC BANK LIMITED
Branch address: K.K NAGAR BRANCH
Branch code: XXX
Bank Name : HDFC BANK LIMITED
City: MADURAI
Country: India
A SWIFT/BIC is an 8-11 character code that identifies your country, city, bank, and branch.
Bank code A-Z
4 letters represent the bank. It usually looks like a shortened version of that bank's name.
Country code A-Z
2 letters represent the country the bank is in.
Location code 0-9 A-Z
2 characters are made up of letters or numbers. It says where that bank's head office is.
Branch Code 0-9 A-Z
3 digits specifying a particular branch. 'XXX' represents the bank’s head office.
Definition of IFSC code
Indian Financial System Code is shortly known as IFSC code, which is a unique identification code used to accurately identify the bank branch engaged in the digital money transfer system such as National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) within India.
The code is a combination of 11 alphanumeric characters whose details are provided below:
•First four characters represent bank code.
•The 5th character is 0.
•Last six characters are branch codes.
All the bank branches within the country are assigned an IFSC code by the Central Bank of India. The code is used by the interbank fund transfer systems to proceed the message to the respective bank branch.
SWIFT code : HDFCINBBXXX
Swift code (8 characters) : HDFCINBB
Branch Name : HDFC BANK LIMITED
Branch address: K.K NAGAR BRANCH
Branch code: XXX
Bank Name : HDFC BANK LIMITED
City: MADURAI
Country: India
A SWIFT/BIC is an 8-11 character code that identifies your country, city, bank, and branch.
Bank code A-Z
4 letters represent the bank. It usually looks like a shortened version of that bank's name.
Country code A-Z
2 letters represent the country the bank is in.
Location code 0-9 A-Z
2 characters are made up of letters or numbers. It says where that bank's head office is.
Branch Code 0-9 A-Z
3 digits specifying a particular branch. 'XXX' represents the bank’s head office.
Indian Financial System Code is shortly known as IFSC code, which is a unique identification code used to accurately identify the bank branch engaged in the digital money transfer system such as National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) within India.
The code is a combination of 11 alphanumeric characters whose details are provided below:
•First four characters represent bank code.
•The 5th character is 0.
•Last six characters are branch codes.
All the bank branches within the country are assigned an IFSC code by the Central Bank of India. The code is used by the interbank fund transfer systems to proceed the message to the respective bank branch.
Prepared by M.Ajmal Khan.
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