Swift System Definition - Definitions

What is a SWIFT System?

Swift-Code-Definition
Swift Code Definition
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
SWIFT system, The concept of "SWIFT" can be clarified, as it is the association of financial communications that connects banks, forms the infrastructure, links financial messages between all banks in the world, and processes millions of daily banking transactions in more than 200 countries every day for more than 11 thousand financial institutions.

What is a swift code?

The Swift Code is a standardized form of the bank identification code, and each bank branch has its own identification code that is used to transfer funds between banks, especially in international bank transfers.

What are the components of a swift code?

The Swift code consists of 8 digits when it refers to the main branch of the bank or 11 digits when it refers to one of the bank’s branches.
1- The AAAA, which is the first 4 letters that refer to the bank code, are only letters.
2- The BB is the country code and is only letters and refers to the binary form of the country code.
3- The CC is the site code and is letters and numbers.
4- The DDD refers to the bank branch, and therefore it is not present in the main branch, or the code XXX can be given, which also may be letters and numbers.
Location: United States

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