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What Is a SWIFT Code?

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an identical and trustworthy format of providing a suitable network to the financial institutions all over the world to have detailed information about any kind of financial transactions done worldwide in a secure environment. This is the standard format of Bank Identifier Codes (BIC) and possessing a unique identification code for any individual bank specifically. BIC is itself popularly known as SWIFT. These codes are generally used as an initial terms of money transfer either between banks or more precisely in international wire transferring. However, all the banks are also use these codes in the messages exchanging as these are the assurance of a secure and reliable exchange with a complete confidentiality.

What is SWIFT/BIC Code For Chase Bank?

Moreover, SWIFT also sells software and provide assistance to the financial institutions setting up worldwide. SWIFT has established in 1973, is a fellow retained supportive, facilitating the secure and registered platform to provide the communicational exchange and information about the monetary transaction in a secure prospect to its members. Financial institutions hence get benefited regarding payment instructions, banking procedures and other among themselves. Usually within in 1 or 2 business days, the banks can enable to send or receive the information about any monetary transaction all around the world with an ease.

What is a Chase Bank?

Chase Banks are full service offering monetary institutions, facilitating its products and services to the customers for personal and business prospect with its numbered branches and ATM’s, easily accessible to all of its customers. General assistances of chase banks include; Credit Cards, Home Loans (with flexible loan assistance against the loan), Auto Loans, Investing, British Airways Visa Signature Card, Balance Transfer Credit Card, Checking Accounts, Saving Accounts (offers to shape one’s savings at nominal fees with higher interest in comparison), Business Banking Solutions (managing international payments with an ease by credit cards, it also aids both small and medium size businesses) and many more.

General Structure of The SWIFT Code

Including United Kingdom in rest of the globe too, the SWIFT code generally contains eight to eleven character codes; the code for primary offices contains 8 characters whereas to that of Branch offices comprised of 11 characters. All the registered financial institutions are listed up in the SWIFT/BIC data in United Kingdom. For instance, the formation of SWIFT code can be given as AAAA – BB – CC – DDD where:

  • The first four characters depict the Bank Code mentioned by letters only from A – Z, the shortened version of the bank name. This symbolizes the active presence of the institution around the world with all its branches and divisions.
  • The next two, i.e., 5th and 6th characters are the Country Code, again mentioned by letters (A – Z), representing the ISO 3166- 1 alpha- 2. For United Kingdom the country code always depicted with GB.
  • Location Code is mentioned in next two characters, i.e., the 7th and 8th characters. It could be represented by either letters (A – Z) or digits (0 – 9) or a combination of letter and digit. This shows the location of bank’s head office, however the 8th character sometimes shows other information as well (in BIC Code):
    1. If it’s a 0 then the bank is normally a trial based BIC as contrasting to a BIC used on the live network.
    2. If 1 is mentioned as the 8th character then it’s indicating about the inactive participation of the institution in the SWIFT system.
    3. If the 8th character is 2 then representing the reverse billing BIC. That means here the receiver has to pay for the messages received instead of the sender as processed in the usual SWIFT network banks.
  • The last three characters, i.e., 9th to 11th characters are the optional part of the coding system presenting the branch code of the bank rather than the head office. Generally if it is filled as XXX then is considered as a Primary (or more specifically as a Head Office) of the Financial Institution, else if the last three characters are mentioned with some specific code then that would be the branch of the same institution; however merely the first eight characters are to be dealt with the SWIFT code. Since SWIFT code of primary office can be used with or without the branch code relying up on the necessity of the monetary allocation the customer is dealing with.

Services Offered by SWIFT

  • Business Intelligence can easily be fetched by the assistance provided by SWIFT. It has launched the dashboards and recording function enabling the customers to get supported with the vivacious, programmed and up to date information about trade flow, financial activity and reporting. All the reports are filtered as per the need of relevant parameters related to the message type, country and region specific.
  • Compliance Services are basically meant to provide support against the financial crime. SWIFT offers reporting and services to the customers in terms of Know Your Customer (KYC), Banking Agreements and Anti Money Laundering (AML) more significantly.
  • SWIFT has also facilitated the connections, enable to access a number of Applications including transactions detailing, banking market setup; matching up with the contemporary directives. It also supports to apply to get an informatory statement about the market structure to process, clear and settling of the payments, securities and directives transactions in an assured environment.
  • SWIFT also enables the up to mark services like Messaging, Connectivity and Software Solutions. A reliable, accessible and secured network is a much essential for the smooth communication of informatory messages. By its wide featuring messaging centers and networks one easily enable to get a detailed information about the monetary transaction with the banks all over the world in a secured environment smoothly.

SWIFT Fund Transfer – Essential Requirements

  • The full name of the person or company to transaction is to be made in the name of,
  • Details viz., name and branch address of the endpoint bank,
  • The Bank’s Identifier Code (BIC) or the SWIFT code along with the account number. For European countries it refers to IBAN to which the fund is to be transferred,
  • If applicable, then the mediatory bank name and its concerned SWIFT code,
  • Currency information the amount needs to transfer in,
  • The payment reference, if asked by the institution as per their policies.

Opportunities and Challenges

The SWIFT code of any bank facilitates the customer to get instant information about the bank and branch the money is set to transfer in. moreover, it provides accurate information about the financial transaction essential to make or receive payments. All the registered banks and their accompanying branches are enlisted in the SWIFT code system, benefiting the customers to have an easy match of the codes with the financial institution offices address aiding the secured and reliable system, avoiding any kind of bank or money transfer blunders. Having a SWIFT code the transaction process gets more accurate, speedy and secured with the banks, enhancing the clients trust without any hassle.

Most of the SWIFT clients process the monetary transaction with a big volume which sometimes makes the manual entry of all instructions a bit difficult. The operational cost of message creation and its process is over heading, thus automation of this facility is needed must. The software assistance is also getting higher in the cost prospect as a raising challenge thus also need to be resolved to make the concept of the code system more approachable.

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