Bank Code Bank Code Verification 2

Question 1

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

Accepted Answer

MOD 97 remainder check requiring a result of 1

Answer

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.

Question 2

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

Accepted Answer

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

Answer

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.

Question 3

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

Accepted Answer

8 or 11

Answer

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

Question 4

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

Accepted Answer

The bank or financial institution code

Answer

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

Question 5

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

Accepted Answer

The ISO 3166-1 alpha-2 country code

Answer

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

Bank Code Practice Test

Bank Code Practice Test

Bank Code Bank Code Verification 2