What is SWIFT Code and Why Would You Need It?

SWIFT is Society for Worldwide Interbank Financial Telecommunication but why would you need it? In case you look forward to interbank wire transfer, you would need this code, without which the transfer would not be possible. This code was founded in 1973 in Brussels and functions on global financial messaging network. The beginning was marked for establishing common standards for worldwide communication network, financial transactions and shared data processing facility. The transactions between various banks, financial institutions etc. are reliably and securely traded using SWIFT.

The operating procedures and rules etc. all surfaced in 1975. The first message or transaction was made in 1977. SWIFT code is bank identifier code and to add, SWIFT is responsible for marketing various software and other services too.

One example of SWIFT code is for the ICICI Bank which is ICICINBBCTS

To say that SWIFT facilitate funds transfer would be entirely wrong and hence, the financial institutions need to correspond relations with other such institutions and banks. As for the linked institutions to SWIFT, by the end of 2007, 8332 institutions joined the network across 208 countries.

Since it is a universal network, the offices of SWIFT are located around the globe with support of 239 banks within 15 countries and the headquarters in Belgium.