Month: June 2019

BIC – The SWIFT ID

“BIC“, stands for “Bank Identification Code” or “Business Identifier Code”. BIC is an unique code for each bank. BIC can be of 8 or 11 characters, if branch is not know then it can be marked as “XXX”. Standard: ISO 9362 (Modified in 2009, 2014) Example: SBININBB230 SBIN – Institution Code (Financial or Non-Financial), here …

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Verification and Change Tracking Process

Process of  Verification and Change Track (Audit Trial/Event Logging) in Banking: Verification: “Verification”, is a process of confirmation, this is a critical activity which a bank operator performs by carefully examining the result of a each activity which needs approval. Based on the number of verification required at Bank level or System or Area level, …

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