Bank Identifier Code
5 views | +0 today
Follow
Your new post is loading...
Your new post is loading...
Scooped by bankswiftcode
Scoop.it!

For Increased Security Make Use Of The BIC Code In Banks

For Increased Security Make Use Of The BIC Code In Banks | Bank Identifier Code | Scoop.it
BIC Code is one of a kind that is used by the banks during cross border transactions.
bankswiftcode's insight:
BIC Code is one of a kind that is used by the banks during cross border transactions. This Bank Identification Code is the universal method for identifying the money transactions for facilitating the processing of the payments in the automated manner.
more...
No comment yet.
Scooped by bankswiftcode
Scoop.it!

BankSwiftCode considered the Bank Swift Code over the Internet

BankSwiftCode.ORG is a reliable SWIFT Code / BIC Code database over the internet. They allow the quick access of the Bank Identification Code of any bank around the globe.

bankswiftcode's insight:

SWIFT code is a unique identification code for both financial and non-financial institutions. It is a standard format of Business Identifier Codes duly approved by the International Organization for Standardization (ISO). If the same code is assigned to a non-financial institution, it may also be known as a Business Entity Identifier or BEI. These codes are used for transferring money between banks, mostly for international wire transfers and for the exchange of other messages between banks. These codes are found on account statements too.

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
2 letters or digits: location code
if the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
if the second character is "1", then it denotes a passive participant in the SWIFT network
if the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message in contrast to the more usual mode where the sender pays for the message.
3 letters or digits: branch code, optional ('XXX' for primary office)

Thus, wherever an 8-digit code is given, it may be assumed that it refers to the primary office.

www.BankSwiftCode.org is considered as the largest and the most reliable SWIFT Code / BIC Code database over the internet. They allow the quick access of the Bank Identification Code of any bank around the globe. Whether you are planning on money transaction through bank wire or online, we provide a free service with guaranteed security.

We frequently update our SWIFT Codes and Bank Identification Codes as well to provide you the latest collection. We have been thankful to our customers for guiding us in constructing an improved Bank Swift Code reference database over the Internet.

Read more posts at www.diigo.com/profile/bankswiftcode

more...
No comment yet.
Scooped by bankswiftcode
Scoop.it!

SWIFT System in Banking Transactions

SWIFT System in Banking Transactions | Bank Identifier Code | Scoop.it
Swift, the body that handles global banking transactions, says it will cut Iran's banks out of the system on Saturday to enforce sanctions.
bankswiftcode's insight:
They have been using the SWIFT messaging system for their transactions. It is spread across 208 countries around the globe.
more...
No comment yet.
Scooped by bankswiftcode
Scoop.it!

Bank Identifier Code- an introduction

Bank Identifier Code- an introduction | Bank Identifier Code | Scoop.it
bankswiftcode's insight:

The Bank Identifier Code, also known as a BIC or BIC code, is a universal method of identifying financial institutions in order to facilitate the automated processing of payments. Used to route cross-border (and some domestic payments) to a branch or payments centre, a Bank Identifier Code can handle the relevant transaction.

A BIC code consists of eight or eleven continuous characters comprising:

Bank Code: 4 alphabetic characters identifying an individual bank, for example “DEUT” identifying Deutsche Bank
Country Code: 2 letter ISO country code such as DE for Germany
Location Code: 2 alphanumerical characters (except zero) identifying the location of the institution within the specific country such as FF for Frankfurt
Branch Code: 3 alphanumeric characters, (optional) identifying the specific office or branch

Bank Identifier Code

In order to facilitate a straight through cross-border payment, two identification codes are required: the Bank Identifier Code of the receiving bank and the beneficiary’s International Bank Account Number (IBAN). BICs and IBANs are used together to concisely identify the location of a specific account and as such are the key information required in enabling a payment to benefit from STP. In many cases, the Bank Identifier Code can be derived from the domestic account details. In the EU the CREDEURO convention requires both the Bank Identifier Code and the International Bank Account Number to enable customers to benefit from reduced transaction costs.

You can find bank swift codes, BIC codes, international bank swift codes and commercial bank swift codes online at www.bankswiftcode.org

more...
No comment yet.