Who controls Swift code?

Swift global pay

If, on the other hand, you want to make a payment or transfer outside the European Union, also within the range of an international transfer, the information provided by the IBAN code is not enough. It is also necessary to notify the BIC code of the recipient institution.

Saving in the medium and long term requires discipline and a systematic approach to achieve the objective set, which is a symptom of good financial health. Making regular contributions to an investment vehicle -such as a mutual fund or pension plan- is one of the best tools for achieving savings goals.

However, the main reason why SWIFT is often known is that it is an international code that provides its members with an encrypted messaging service that enables international fund transfers. SWIFT determines the bank codes that are required to make or receive an international transfer.

The BIC (Bank Identifier Code) or SWIFT code is used to identify the beneficiary bank of a transfer (or destination bank). It is an international alphanumeric code that can consist of 8 or 11 characters:

Swift bbva

The fundamental operating procedures and rules for defining responsibilities were established in 1975 so that the first SWIFT message could be sent in 1977. As a result, SWIFT is one of the indispensable infrastructures of modern international finance; in fact, the SWIFT network has become an effective tool for the integration of services such as interbank payments, investments, transfers, foreign trade and remittance checks.

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This solution processes more than 10 million messages per day between 8,000 financial institutions located in more than 200 countries, with 24/7 availability. However, in order to use SWIFT’s services, you must join its user community.

The SWIFT code of a bank is made up of 8 or 11 alphanumeric digits that contain the identification of the country code of the country in which the institution is located, the code of the bank itself and a series of additional data, such as the location or type of branch.

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SWIFT (from: Society for Worldwide Interbank Financial Telecommunication, i.e. Society for Worldwide Interbank and Financial Communications) is an organization in charge of an international network for financial communications between banks and other financial institutions. As of December 2018, it had linked more than 11,000 financial institutions in 204 countries and operates around the clock, 24 hours a day, seven days a week. It is estimated that in 2001 it transmitted payment order messages with an average value of more than six billion US dollars (USD 6,000,000,000,000) per day in 2001, and in 2005 it transmitted close to two billion three hundred million messages.

SWIFT is a cooperative society under Belgian law, owned by its own members as partners, with offices around the world. The head office is located in La Hulpe, near Brussels.

Financial messages, also known as FIN messages, are grouped into categories according to their first digit. Each message category is made up of different subcategories, as shown in the table below:

Santander swift code

Payments regulated and covered by this system can be made from and to any place within the territory of these 32 countries, in all cases with the same forms and requirements, rights and obligations.

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Other advantages are that it gives more security and efficiency to the payments and collections made, it favors concurrence and competition by equalizing the forms of payments for all in the area, eliminating barriers and borders, it gives rise to technological innovations in payments such as new cards or payment with cell phones.

The account holder has the right to be informed about payments and collections on his account and, also, about account charges, commissions, reductions or surcharges incurred; any charges of this nature must be settled separately from the main transaction to improve clarity of information.

It is expected that the fees and commissions charged by each entity will be charged to the holder of that account in such a way that the costs of the operation are shared since each party pays the costs generated by its banking entity.

Who controls Swift code?
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