{"id":32164,"date":"2024-04-17T09:00:00","date_gmt":"2024-04-17T07:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=32164"},"modified":"2024-04-17T09:00:57","modified_gmt":"2024-04-17T07:00:57","slug":"what-swift-code-for","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/what-swift-code-for\/","title":{"rendered":"What is the SWIFT code for?"},"content":{"rendered":"
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What is the SWIFT code and why is it so important in the financial world? What are the implications of expelling a country’s financial institutions from this banking messaging network? Iu Alemany, 11Onze\u2019s Back Office and Customer Service Manager, reveals all the keys.<\/b><\/h3>\n

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SWIFT<\/span><\/a> stands for <\/span>Society for World Interbank Financial Telecommunication<\/b>, “a cooperative society based in Belgium that was founded in 1973”, as the 11Onze Back Office and Customer Service Director explains. Alemany points out that<\/span> it is not a payment system, but a messaging system<\/b>, which speeds up international transfers and “allows the parties involved to be identified in a standardised, secure and error-free manner”.<\/span><\/p>\n

Some 12,000 institutions in more than 200 countries, both financial and non-financial, are connected through the SWIFT system, which <\/span>facilitates “some 32 million messages on average” to be exchanged every day<\/b>.<\/span><\/p>\n

The SWIFT code normally consists of eleven characters<\/b>, although sometimes it can be as few as eight. The first four letters identify the bank or institution. The next two letters indicate the country. The next two correspond to the location of the institution, for example, “BB would mean Barcelona”, as Alemany explains. And the last three digits identify the bank office or branch. In this case, “if three ‘Xs’ appear, it means that the branch carries out the settlement centrally”, explains the 11Onze\u2019s Back Office and Customer Service Manager.<\/span><\/p>\n\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n

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