What does swlft code mean?

SWIFT Code (bank international code) is generally used for wire transfers and letter of credit telegrams. Every bank has them and is used to quickly process inter-bank telegrams. Large banks such as Industrial and Commercial Bank of China and China Construction Bank will also assign Swift codes with different suffixes to their internal branches. (Recommended learning: PHPSTORM )

Bank International Code (SWIFT CODE) is a bank recognition code proposed by the Swift Association and passed by ISO. own specific SWIFT code.

In the case of wire transfer, the remitting bank sends a payment message according to the SWIFT CODE of the beneficiary bank, and then the money can be remitted to the beneficiary bank. This number is equivalent to the ID number of each bank.

Its original name is BIC (Bank Identifier Code), but the name BIC has a too broad meaning, and I am worried that some people may understand it as another bank identification code system, so gradually everyone has called BIC the SWIFT Code by convention.

SWIFT is (Society for Worldwide Interbank Financial Telecommunications). The Society for Worldwide Interbank Financial Telecommunications is a private joint-stock company jointly owned by financial institutions. It is registered under Belgian law and is jointly managed by member banks and other financial institutions. .

In this case, if your bank is a well-known bank, such as Bank of China, then the other bank can find the corresponding code by consulting the Swift code table. Of course, your receiving bank proactively provides this code to reduce the chance of errors.

The SWIFT organization was established in May 1973. Its global computer data communication network has operation centers in the Netherlands and the United States, and regional processing stations in each member country. Customers from 15 countries in the United States, Canada and Europe 239 banks announced the official establishment of SWIFT.

Headquartered in Brussels, Belgium, it is a non-profit organization established to solve the problem that financial communications in various countries cannot adapt to the rapid growth of international payment settlement. It is responsible for designing, establishing and managing the SWIFT international network to facilitate The members of this organization carry out the transmission and routing of international financial information.

He has been designing computer network systems since 1974.

In the summer of 1977, the construction and development work of the Global Interbank Financial Telecommunication Network (SWIFT Network) system was completed and officially put into operation.

In 1977, SWIFT had more than 150 member countries and more than 5,000 member banks around the world. The SWIFT system processed 3 million SWIFT telecommunications transactions every day, with a peak of 3.3 million transactions.

As of June 2007, SWIFT services have spread to 207 countries and have been connected to more than 8,100 financial institutions.

The above is the detailed content of What does swlft code mean?. For more information, please follow other related articles on the PHP Chinese website!