At the Merchants Payments Ecosystem conference 2024, Chairwoman Anna Maj moderated the session âNext-Generation Technologies for Merchant Paymentsâ, speaking to a panel of experts including Bartosz Skwarczek of GZA Capital Group, Galit Shani-Michel from Forter, Bono van Nijnatten from ASOS Payments, and Francesco Burelli of Arkwright Consulting. Maj questioned the panelists on how AI is being used in merchant payments and where AI can take their companies in the future.
What are SWIFT/BIC codes, and what do they mean?
Swift codes are handled by the SWIFT organization, and in particular from a division called âSWIFT Standardsâ. SWIFT stands for âSociety for Worldwide Interbank Financial Telecommunicationâ and is a member-owned cooperative that is used by the financial world to conduct business operations. These codes were initially referred to as âswift codesâ but were later standardized as BIC which stands for âBusiness Identifier Codesâ. Both terms are used today and mean exactly the same thing: a BIC code is a unique alphanumeric identification code, consisting of combinations of letters and numbers, which is used to uniquely identify an institution's branch among the members of the swift network.
Why do I need this code?
The swift code is usually required by web banking applications for money transfers between two different banks (that are members of the swift network). We are not only asked to provide the beneficiaryâs bank account number (or IBAN account number) that we want to send money to, but we must also provide the exact BIC code of the branch of the beneficiaryâs bank. This site aims to simplify the process of finding this code. Note: please read our disclaimer at the bottom of this page BEFORE using any of the information found on this site.
The downside of international transfers with you bank:
Banks use SWIFT for international transfers, but it's not the most efficient or cost-effective solution. When you receive or send a wire transfer internationally with your bank, you might get a bad exchange rate, and pay high hidden fees as a result. We recommend using HUBFX, to get a great rate and low, transparent fee every time. Learn more.
Understanding the code:
A swift code consists of 11 or 8 characters, which is the standard format standardized by ISO (International Organization for Standardization). Here is an example code: CHASUS33XXX. This swift code is for the head offices of âJPMORGAN CHASE BANK, N.A.â in the U.S.A. and can be broken down to four parts:
- First four characters: These 4 characters (âCHASâ in our example) identify the bank (âJP Morgan Chaseâ). This 4-letter code is used to identify this particular financial institutionâs branches and divisions all over the world.
- Fifth and sixth characters: These 2 characters identify the country in which the bank is located. âUSâ in this example means âUNITED STATESâ.
- Seventh and eighth characters: These 2 characters represent a location code (â33â in this example).
- Last three characters: These 3 characters form the branch code. âXXXâ is used to identify the HEAD OFFICE or the institution, but this particular branch code is optional, and if omitted, the 8-character remaining code (âCHASUS33â in our example) is assumed to refer to the head office (primary office) of the institution.
Most requested SWIFT codes:
CHASUS33 CHASUS33XXX JPMORGAN CHASE BANK, N.A.
BOFAUS3N BOFAUS3NXXX BANK OF AMERICA, N.A.
MIDLGB22 MIDLGB22XXX HSBC BANK PLC
BARCGB22 BARCGB22XXX BARCLAYS BANK PLC
ABNANL2A ABNANL2AXXX ABN AMRO BANK N.V.
CITIUS33 CITIUS33XXX CITIBANK N.A.
WFBIUS6S WFBIUS6SXXX WELLS FARGO BANK, N.A.
NWBKGB2L NWBKGB2LXXX NATIONAL WESTMINSTER BANK PLC
COBADEFF COBADEFFXXX COMMERZBANK AG (BANKING COMMUNICATION SYSTEM)
BNPAFRPP BNPAFRPPXXX BNP PARIBAS SA (FORMELY BANQUE NATIONALE DE PARIS S.A.)
POALILIT POALILITXXX BANK HAPOALIM B.M.
LOYDGB2L LOYDGB2LXXX LLOYDS BANK PLC
NTSBDEB1 NTSBDEB1XXX N26 BANK GMBH (Used for NUMBER26 bank accounts)
DEUTDEDBPAL DEUTSCHE BANK PRIVAT-UND GESCHAEFTSKUNDEN AG (DEUTSCHE BANK VIRTUAL ACCOUNTING)
AXISINBB002 AXIS BANK LIMITED