What is SWIFT Code?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is needed for interbank wire transfers.

SWIFT was founded in Brussels in 1973. It operates a world wide financial messaging network. It was started to establish common standards for financial transactions and a shared data processing system and worldwide communications network. The messages between banks and other financial institutions are securely and reliably exchanged through SWIFT. Fundamental operating procedures, rules for liability etc., were established in 1975 and the first message was sent in 1977. SWIFT also markets software and services to financial institutions, much of it for use on the ISO 9362 and SWIFT Net Network, and the bank identifier codes are popularly known as “SWIFT codes”.

For example, SWIFT code for ICICI Bank is : ICICINBBCTS

The SWIFT network is used by majority of the international interbank messages. SWIFT does not facilitate funds transfer so the financial institutions would need a corresponding banking relationship for financial transactions. SWIFT linked 8,332 financial institutions in 208 countries as of December 2007.

SWIFT has offices around the world. It is supported by 239 banks in 15 countries. SWIFT headquarters are located in La Hulpe, Belgium, near Brussels. We can find a large community of people interested in SWIFT in the SwiftCommunity.net.

SWIFT is a cooperative society under Belgian law and is owned by its member financial institutions.