SWIFT - a concentrated financial power
Society for Worldwide Interbank Financial Telecommunication: This intriguing name is hidden behind the filthy acronym SWIFT. And so extensive as the Name, is so extensive, the task area, hides behind it is.
- The SWIFT was launched in the year 1973 and has its headquarters in La Hulpe in Belgium.
- Behind the Society for Worldwide Interbank Financial Telecommunication, an international Association of money institutions.
- How powerful this Association is certainly due to the fact recognize that the SWIFT handles in more than 200 countries, the entire Financial transactions from Thousands of financial institutions.
- The SWIFT Code of the will be in the Form of BIC in the future also of importance is used every day, approximately twelve million times.
BIC - the new Bank code
- The BIC is advertised Business Identifier Code and is in the future for you is just as important as the IBAN.
- Your BIC-Code will be given to the financial institutions of SWIFT. He should, in the same way as the IBAN, help to unify the international money market, and to simplify.
- You are affected by it, because, according to an EU regulation from 1. February 2014, the BIC and the IBAN are mandatory.
- This means that you will have to use for all credit Transfers and direct debits, the BIC and the IBAN. In a extra practical tip we explain how you IBAN and BIC online.
- Wherein the Business Identifier Code will replace the current Bank code. It consists of eight or eleven alphanumeric characters.
- The first four characters are the Bank Code, the next two characters stand for the country code, then the two-digit location Code follows. The last three characters are optional and are for the branch or the Department.
IBAN - the short name for your new account number
- International Bank Account Number: This is the number you get instead of the account number.
- The IBAN has 22 Digits and is generated by the respective financial institution and communicated to you.
- The first two Digits of the country code and the following two characters contain a check digit. The remaining 18 characters are made up of the Basic Bank Account Number – short-BBAN.
- The BBAN, in turn, composed of the Bank routing number and your previous account number.
- Long story short: in the Future, you will have to put in your Bank shops, whether online banking or the old BIC and IBAN against the good old routing number and old account number in exchange.
BIC and IBAN do not like to simplify payment transactions for financial institutions, more secure it becomes for the customer. Therefore, we have for you some important tips for safe Online Banking compiled.
