7/31/2015

What are IBANs and SWIFT codes?

What are IBANs and SWIFT codes?

(1) IBAN and SWIFT are two standardized formats to relay transactions between financial institutions.

(2) IBANs (International Banking Account Numbers) are used mostly in Europe and identify specific accounts across national borders, which can be up to 34 characters, depends on the national standards of the country in which it is issued.

(3) SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes identify institutions, formally called BICs (Business Identifier Codes) are eight to 11 characters long.