BANKING AFFAIRS

Detailed explanation-1: -A SWIFT code-sometimes also called a BIC number-is a standard format for Business Identifier Codes (BIC). It’s used to identify banks and financial institutions globally. It says who and where they are-a sort of international bank code or ID.

Detailed explanation-2: -SWIFT Code is a standard format of Bank Identifier Codes(BIC) for banks to identify banks and financial institutions globally.

Detailed explanation-3: -The BIC is an 8 character code, defined as ‘business party identifier’, consisting of the business party prefix (4 alphanumeric), the country code as defined in ISO 3166-1 (2 alphabetic), and the business party suffix (2 alphanumeric).

Detailed explanation-4: -BIC stands for Bank Identifier Code. It is an 8 to 11-character code that identifies banks globally. BIC codes are used to send money between banks to ensure money is directed to the right place.

Detailed explanation-5: -A BIC (Bank Identifier Code) is the SWIFT Address assigned to a bank in order to send automated payments quickly and accurately to the banks concerned.