What is Meant By SWIFT CODE ?

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<span>Society
for Worldwide Interbank&nbsp;</span><b><span>financial</span></b><span><span>&nbsp;Telecommunication code.&nbsp;</span></span><b><span>degree</span></b><span><span>&nbsp;internationally-recognized identification code for
banks&nbsp;</span></span><b><span>around
the</span></b><span><span>&nbsp;world. SWIFT codes are&nbsp;</span></span><b><span>most
commonly</span></b><span><span>&nbsp;used for
international wire transfers and are comprised of eight or eleven&nbsp;</span></span><b><span>alphanumerical</span></b><span><span>&nbsp;characters. The alignment of Standardization (IOS) was
the authoritative body that approved the creation of SWIFT codes.</span></span><span><br style="-webkit-text-stroke-width: 0px; box-sizing: border-box; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;" />
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<b><u><span><span>Inside a SWIFT&nbsp;</span></span></u></b></span><b><u><span>human
action</span></u></b><b><span><o:p></o:p></span></b></div>
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<span><span>SWIFT&nbsp;</span></span></span><b><span>is also</span></b><span><span>&nbsp;a&nbsp;</span></span><b><span>electronic communication</span></b><span><span>&nbsp;network that&nbsp;</span></span><b><span>financial</span></b><span><span>&nbsp;</span></span><b><span>institutions</span></b><span><span>&nbsp;use to firmly transmit&nbsp;</span></span><b><span>data</span></b><span><span>&nbsp;and directions through&nbsp;</span></span><b><span>a
uniform</span></b><span><span>&nbsp;system of
codes.</span></span><span><br style="-webkit-text-stroke-width: 0px; box-sizing: border-box; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;" />
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<span><span>SWIFT assigns&nbsp;</span></span></span><b><span>each</span></b><span><span>&nbsp;</span></span><b><span>establishment</span></b><span><span>&nbsp;</span></span><b><span>a unique</span></b><span><span>&nbsp;code that has either eight characters or eleven
characters. The code is interchangeably&nbsp;</span></span><b><span>called</span></b><span><span>&nbsp;the bank&nbsp;</span></span><b><span>image</span></b><span><span>&nbsp;code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code.&nbsp;</span></span><b><span>to
understand</span></b><span><span>&nbsp;</span></span><b><span>but</span></b><span><span>&nbsp;the code is&nbsp;</span></span><b><span>assigned</span></b><span><span>, let’s investigate Italian bank UniCredit Banca,
headquartered in&nbsp;</span></span><b><span>metropolis</span></b><span><span>.&nbsp;</span></span><b><span>it is the</span></b><span><span>&nbsp;8-character SWIFT code UNCRITMM.</span></span><span><br style="-webkit-text-stroke-width: 0px; box-sizing: border-box; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;" />
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<span><span>First four characters: the institute code </span><br />
<span><span>Next&nbsp;</span></span></span><b><span>two</span></b><span><span>&nbsp;characters: the country code <o:p></o:p></span></span></span></div>
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<span>Next&nbsp;</span><b><span>two</span></b><span><span>&nbsp;characters: the location/city code</span><span><br />
<span><span>Last&nbsp;</span></span></span><b><span>three</span></b><span><span>&nbsp;characters:&nbsp;</span></span><b><span>nonmandatory</span></b><span><span>,&nbsp;</span></span><b><span>but</span></b><span><span>&nbsp;organizations use it to assign codes to individual
branches. <o:p></o:p></span></span></span></div>
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<span><span>As powerful as SWIFT is, confine mind that it's&nbsp;</span></span></span><b><span>entirely</span></b><span><span>&nbsp;a&nbsp;</span></span><b><span>electronic communication</span></b><span><span>&nbsp;system – SWIFT&nbsp;</span></span><b><span>does not</span></b><span><span>&nbsp;hold any funds or securities, nor&nbsp;</span></span><b><span>can</span></b><span><span>&nbsp;it manage&nbsp;</span></span><b><span>client</span></b><span><span>&nbsp;accounts.</span></span><span><o:p></o:p></span></span></div>
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