Glossary
What do the technical terms mean
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Society for Worldwide Interbank Financial Telecommunication
The SWIFT-BIC (Bank Identifier Code) is an internationally standardized bank code that can be used to uniquely identify every directly or indirectly participating credit institution worldwide. The SWIFT code is used worldwide for cross-border payments and the international exchange of messages between financial institutions.
The organization
At present, some 11,000 banks, financial institutions, brokerage houses and stock exchanges in around 200 countries are connected. Today, international secured payment transactions are essentially only possible with SWIFT. In addition to the Board, oversight is provided by the central banks of the G10 countries (United States, Belgium, Germany, France, Great Britain, Italy, Japan, Canada, the Netherlands and Sweden).
The message traffic
The message traffic of the financial institutions is standardized by SWIFT. These include:
- Payments, EU standardüberweisung.
- Cover purchases in securities and foreign exchange transactions
- Account statements for mutually maintained accounts between credit institutions.
- Payment advice notes with details of the cover addresses
- Advices of letters of creditöfföffnungen
- Securities transactions