What is the Full Form of SWIFT Code ?
SWIFT - Society for Worldwide Interbank Financial Telecommunication
Society for Worldwide Interbank Financial Telecommunication is a Cooperative Telecommunication society that provides a network to financial institutions worldwide. The Organization is Headquartered in Brussels, Belgium. It enables financial institutions to communicate with each other in a secure manner.
SWIFT Code is the unique identification code which is used to identify each bank worldwide. Banks use these code for exchanging messages for ex. International wire transfers. The code may consists of 11 characters:-
First 4 characters: Bank Code
Next 2 characters: ISO 3166-1 alpha-2 country code (only letters)
Next 2 characters: Location Code
Last 3 characters: These are optional and are used for branch specific codes