The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is a unique identification code for both financial and non-financial institutions. SWIFT code, BIC code, SWIFT ID or SWIFT - BIC ( ISO 9362) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). These codes are used when transferring money between banks, for international wire transfers or SEPA payments. Because SWIFT originally introduced what was later standardized as Business Identifier Codes (BICs), they are still often called SWIFT addresses or codes.Ī Swift Code is the standard format for Business Identifier Codes (BIC) and it's a unique identification code for banks and financial institutions globally. SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles the registration of these codes. Where an 8-digit code is given, it may be assumed that it refers to the primary office.
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