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SWIFT Code
(Society for Worldwide Interbank Financial Telecommunication Code)
A SWIFT Code (also called BIC Code) is a unique identification code used to facilitate international money transfers between banks. The 8-11 character code identifies the bank, country, location, and sometimes branch involved in a transaction.
SWIFT codes work with IBANs to ensure secure cross-border payments. Over 11,000 financial institutions use the SWIFT network, which processes about 42 million messages daily. While SWIFT doesn't actually transfer funds, it provides the secure messaging system that enables banks to complete transactions. Following the 2022 Russian sanctions, alternative systems like China's CIPS have gained attention, but SWIFT remains dominant for global FX transactions.
SWIFT codes work with IBANs to ensure secure cross-border payments. Over 11,000 financial institutions use the SWIFT network, which processes about 42 million messages daily. While SWIFT doesn't actually transfer funds, it provides the secure messaging system that enables banks to complete transactions. Following the 2022 Russian sanctions, alternative systems like China's CIPS have gained attention, but SWIFT remains dominant for global FX transactions.