Swift Code & Messages Used in Buyers Credit Transaction

Posted on May 9, 2013 – 00:00

To Avail Buyer’s / Supplier’s Credit: E: sanjaymandavia@gmail.com,M: +919825560186

What is SWIFT Code ?

SWIFT code (also known as ISO 9362,SWIFT-BIC,BIC code,SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. These codes are used when transferring money between banks,particularly for international wire transfers,and also for the exchange of other messages between banks.

SWIFT (Society for Worldwide Interbank Financial Telecommunication) does not facilitate funds transfer; rather,it sends payment orders,which must be settled by correspondent accounts that the institutions have with each other. Each financial institution,to exchange banking transactions,must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

The SWIFT code is of 8 or 11 characters,made up of:

For Example: HDFC IN BB AHM

  1. The first four characters represent the Bank code,for example HDFC (HDFC Bank)
  2. The next two characters represent the ISO Country code,for example IN (India)
  3. The next two characters are the Location code,for example BB (Mumbai)
  4. Optionally a three character branch code can be added at the end of the address. For example HDFCINBBCCAHM might be the Ahmedabad branch.SWIFT-Bank-CodeThese codes are primarily used for internal routing purposes within the bank,as the branches themselves do not have direct connection. Usage is often more common in some countries.

Where an 8-digit code is given,it may be assumed that it refers to the primary office.

Type of Swift Message

SWIFT messages are identified in a consistent manner. They all start with the literal “MT” which denotes Message Type. A 3-digit number then follows this. The first digit represents the Category. A category denotes messages grouped together because they all relate to particular financial instruments or services. The full list is as follows:

MT0nn System Messages
MT1nn Customer Payments
MT2nn Financial Institution Transfers
MT3nn FX,Money Market & Derivatives
MT4nn Collections and cash letters
MT5nn Securities Markets

Source: buyerscredit.wordpress.com

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