SWIFT Code
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is an international association of financial institutions seated in La Hulpe (Belgium). This association has been established in 1973 and currently mediates in transactions between banks, brokerage houses, stock exchanges and other financial institutions from over 200 countries. Due to the fact that it also maintains a telecommunications network used for data exchange, it can also be described as an organization for users of software for communication between banks. The SWIFT alliteration is also the name of the system for exchange of information between banks.
What is SWIFT code?
The SWIFT code is a customary name of the BIC (Bank Identifier Code) code, assigned by the SWIFT organization and used for identification of banks, etc.