what is a swift code

A SWIFT code, also known as a BIC number, is a standard format for Business Identifier Codes (BIC) . It is a unique identifier for business institutions, approved by the International Organization for Standardization (ISO) . The code is used to identify banks and financial institutions globally, and it identifies the branch, bank, and country an account is registered in. SWIFT codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements. Every bank that belongs to the SWIFT network has one or more SWIFT codes that correlate to the bank’s business identifier code.