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Facts 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.

Read the first 7 Facts flashcards as text

  1. If a SWIFT code's 8th character is the digit '0', what does it commonly indicate?

    Answer: A passive participant in the SWIFT network

    When the 8th character is '0', it typically denotes a passive participant in the SWIFT network.

  2. What is the difference between a 'connected' BIC and a 'non-connected' BIC?

    Answer: A connected BIC is on the SWIFT network; a non-connected (BIC1) is registered but not on the network

    A connected BIC actively uses the SWIFT network, while a non-connected BIC is registered but not connected.

  3. Can a single bank have more than one SWIFT/BIC code?

    Answer: Yes, for different branches or business units

    A bank can hold multiple BIC codes for separate branches, offices, or business divisions.

  4. Which characters in an 11-character SWIFT code identify the specific branch?

    Answer: The last three

    The final three characters of an 11-character SWIFT code are the optional branch identifier.

  5. Position 7 and 8 of a SWIFT code represent the location code. What can these characters be?

    Answer: Letters or numbers (alphanumeric)

    The location code in positions 7 and 8 can be either letters or digits.

  6. Why might an international wire transfer be delayed or returned due to bank codes?

    Answer: An incorrect or mismatched SWIFT/IBAN code was entered

    Entering an incorrect or mismatched SWIFT or IBAN code can cause a transfer to be delayed or returned.

  7. What standard governs the format of BIC codes internationally?

    Answer: ISO 9362

    ISO 9362 is the international standard that defines the BIC (Business Identifier Code) format.