This example shows a SWIFT code for a bank branch that is part of HSBC: SWIFT codes identify a particular bank and are formatted as shown below. A SWIFT code is a short string that routes bank messages through the Society for Worldwide Interbank Financial Telecommunication (or SWIFT) network.Įach SWIFT code can contain 11 to 18 characters, including letters and numbers, and is formatted according to the ISO 9362 standard. What Is a SWIFT Code? What Is the Difference between SWIFT and IBAN? BIC comparison and how these standards make international banking possible in the modern financial era. Together, these codes ensure that payments reach their proper destination. While SWIFT and BIC codes are used to route messages between banks and financial institutions, IBAN numbers are used to direct transactions to a specific bank account. There are several differences between these types of code, but each piece of data carries out a vital role in the handling of international and cross-border transactions. To prevent incorrect input, Companies may implement in their information systems the IBAN’s check digits validation algorithm.The banking industry currently uses two types of codes to route payments: SWIFT and BIC codes and IBAN numbers. The printed representation of the IBAN is the same as the electronic format except that when printed, a space is inserted after every group of four characters. The IBAN may be used in electronic and printed environments. * When the digits of the account number are less than 16, the bank must complete it with zeros, placed at the beginning of the account. In order to convert to an IBAN, the country code and the two check digits must prefix the Basic Bank Account Number, as follows: In Greece, the Basic Bank Account Number (BBAN):
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