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Bank Code Verification Flashcards

7 cards from real Bank Code practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. Which validation method is used to verify an IBAN (International Bank Account Number)?

    Answer: MOD 97 remainder check requiring a result of 1

    IBAN validation uses the MOD 97 algorithm: after rearranging and converting letters to numbers, dividing the result by 97 must yield a remainder of 1.

  2. What is the correct first step in the MOD 97 IBAN validation process?

    Answer: Move the first four characters to the end of the number string

    The first step is to relocate the leading 4 characters (country code + check digits) to the end of the string before performing numerical conversion and division.

  3. How many characters are in a valid SWIFT/BIC code?

    Answer: 8 or 11

    A SWIFT/BIC code is either 8 characters (without branch code) or 11 characters (with branch code).

  4. What do characters 1–4 of a SWIFT/BIC code identify?

    Answer: The bank or financial institution code

    The first four alphabetical characters of a SWIFT code form the institution code, uniquely identifying the bank or financial organization.

  5. Characters 5 and 6 of a SWIFT/BIC code represent what?

    Answer: The ISO 3166-1 alpha-2 country code

    Positions 5–6 in a SWIFT code always hold the two-letter ISO country code (e.g., US for United States, DE for Germany).

  6. What does 'XXX' at the end of an 11-character SWIFT code signify?

    Answer: The code refers to the bank's primary or head office

    When the optional 3-character branch code is 'XXX', it indicates the message or transaction is directed to the bank's primary office rather than a specific branch.

  7. Which organization issues and maintains the global SWIFT/BIC code registry?

    Answer: The Society for Worldwide Interbank Financial Telecommunication (SWIFT)

    SWIFT (Society for Worldwide Interbank Financial Telecommunication) owns and administers the BIC (Bank Identifier Code) registry used globally for interbank messaging.