what is a bank swift code

A SWIFT code, also known as a SWIFT number or Bank Identifier Code (BIC), is a standard format for a business identifier code used to identify banks and financial institutions worldwide. It consists of 8-11 characters and follows a format that identifies the bank, country, location, and branch. The SWIFT code is used to facilitate money transfers between banks and is needed for international wires and SEPA payments. It is used to verify the identity of the banks or financial institutions when making an overseas transaction, ensuring that funds are sent to the correct account. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system was created to provide a standardized and secure messaging system for international communication among banks so they could order and receive transfers beyond their borders by way of a common messaging platform, language, and computer system that verified payments, cash, foreign exchange, trade finance, and custody.