SWIFT

ISO

ISO20022

A single standardization approach (methodology, process, repository) to be used by all financial standards initiatives

SWIFT Messages

SWIFT MT Message Categorization Category 1 – Customer Payments and Cheques Category 1 consists of the following types of customer related payment messages: customer credit transfers customer debit transfers cheque payments The messages in this category deal with payments, or information about payments, in which the ordering party or the beneficiary, or both, are not …

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SWIFT

SWIFT in Banking: SWIFT stands for the “Society for Worldwide Inter-bank Financial Telecommunications“. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT assigns each financial organization a unique code that has either eight characters or 11 characters. The code is called interchangeably the …

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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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