SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. SWIFT is a co-operative society. SWIFT Code is a standard format of bank Identifier code.
India was 74th Nation to join SWIFT Network.
it is unique identification code for a particular bank.
These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them.
A majority of FOREX related message are sent to correspondent banks abroad through SWIFT.
The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office.
First 4 characters -- bank code (only letters)
Next 2 characters -- country code (only letters)
Next 2 characters -- location code (letters and digits)
Last 3 characters -- branch code, optional ('XXX' for primary office) (letters and digits)
The registrations of SWIFT Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium.
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