So, what is a SWIFT code? The digital revolution is making itself felt in the area of international payments in response to the demands and needs of customers. swift definition: 1. happening or moving quickly or within a short time, especially in a smooth and easy way: 2. a…. It’s used to identify banks and financial institutions globally. Synonym Discussion of swift. To put it simply, they are unique codes that identify each and every bank for the purpose of international payments. Moving or capable of moving with great speed; fast. Each bank has a unique code made up of letters and numbers. BIC means Bank Identification Code, or Bank Identifier Code. The American customer would go to their local Wells Fargo branch. For bank A to send a message to bank B with a copy or authorization with institution C, it formats the message according to standard and securely sends it to SWIFT. SWIFT (Society for the Worldwide Interbank Financial Telecommunication): Founded in Brussels in 1973, the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) is a co-operative organization dedicated to the promotion and development of standardized global interactivity for financial transactions. SWIFT guarantees its secure and reliable delivery to B after the appropriate action by C. SWIFT guarantees are based primarily on high redundancy of hardware, software, and people. They would provide the bank account number of their family member in Spain and the unique SWIFT code of the Santander Bank … A SWIFT code is used to identify a particular branch of a bank. It is an 8 to 11-character code that is used to identify a specific bank when you make an international transaction. See Synonyms at fast1. Once the instruction is loaded into the SWIFT system, it is conveyed to the other institution. Although both are used to identify banks, you must use a BIC/SWIFT code to transfer money internationally and an American Bankers Association, or ABA, routing number to transfer money domestically. As a key player in the transformation of the financial sector, BBVA has played an active role in bringing all of the advantages provided SWIFT gpi to its clients. est 1. Okay, I am not sure exactly what you are asking about. It is the first bank in Spain to offer this service. Learn more. These codes are used as Bank Identifier Codes (BIC). Swift definition is - moving or capable of moving with great speed. It says who and where they are — a sort of international bank code or ID. On the one hand, a SWIFT copy refers to a document that is an extract of the electronic payment document sent to the correspondent bank or beneficiary bank. It’s almost like a postcode for your bank, ensuring that your money goes to the right place. How to use swift in a sentence. 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