What is SWIFT?
- SWIFT identifies the payment beneficiary’s bank - the bank designated to receive the funds transfer.
- It usually consists of 8 to 11 characters that adds bank identification to the details provided by the Basic Bank Account Number or IBAN.
- SWIFT has been renamed BIC which stands for Bank Identifier Code, however most banks still refer to SWIFT codes, SWIFT numbers or SWIFT addresses.
Please note: SWIFT codes do not contain a checksum for automatic validation, unlike the modern IBAN.
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