SWIFT / BIC (Bank Identifier Code)

SWIFT is a global messaging network operated by S.W.I.F.T. SC, headquartered in Belgium, that facilitates secure financial communication between banks and institutions worldwide. BIC (Bank Identifier Code), also known as SWIFT code, is the standardised address used to identify banks on this network, defined under ISO 9362. A BIC comprises 8 or 11 alphanumeric characters: a 4-character bank code, 2-character country code (ISO 3166-1), 2-character location code, and an optional 3-character branch code. For example, a BIC of DEUTDEDBBER identifies Deutsche Bank in Berlin, with the optional branch suffix specifying a particular office. While often used interchangeably with IBAN (International Bank Account Number), these serve different purposes: BIC identifies the financial institution, while IBAN specifies the individual account within that institution. For international wire transfers, both are typically required. SWIFT messages also carry compliance metadata, making the network central to KYC (Know Your Customer) verification and cross-border regulatory reporting. Historically significant: Russia was disconnected from SWIFT in March 2022 as part of international sanctions, illustrating the network's geopolitical role in global finance.