SWIFT stands "Society for WorldWide Interbank Financial Telecommunication".
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 unicode that has either 8 characters or 11 characters.
The code is called Interchangeably the Bank Identifier Code(BIC),Swift Code,Swift ID or ISO 9362.
Example for SWIFT code:
UNCRITMM it is a swift code for ITALIAN bank UniCredit Banca head quartered in Milan.
The first four characters UNCR in above swift code represents the bank code
The Next two letters IT represents country code
The next two letters MM represents the Location/City Mode
If you want to know structure of the swift message in detail it is explained in below link
http://www.sepaforcorporates.com/swift-for-corporates/read-swift-message-structure/
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 unicode that has either 8 characters or 11 characters.
The code is called Interchangeably the Bank Identifier Code(BIC),Swift Code,Swift ID or ISO 9362.
Example for SWIFT code:
UNCRITMM it is a swift code for ITALIAN bank UniCredit Banca head quartered in Milan.
The first four characters UNCR in above swift code represents the bank code
The Next two letters IT represents country code
The next two letters MM represents the Location/City Mode
If you want to know structure of the swift message in detail it is explained in below link
http://www.sepaforcorporates.com/swift-for-corporates/read-swift-message-structure/
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