Bank Code Facts 2

Question 1

What does the acronym SWIFT stand for in the context of bank codes?

Accepted Answer

Society for Worldwide Interbank Financial Telecommunication

Answer

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, which manages the global messaging network.

Question 2

How many characters does a standard SWIFT/BIC code contain?

Accepted Answer

8 or 11

Answer

A SWIFT/BIC code is either 8 characters (head office) or 11 characters (with a branch code).

Question 3

In a SWIFT code, what do the two letters in positions 5 and 6 represent?

Accepted Answer

Country code

Answer

Characters 5 and 6 of a SWIFT code are the ISO country code identifying the bank's country.

Question 4

Which organization is responsible for assigning and maintaining SWIFT/BIC codes?

Accepted Answer

SWIFT (the SWIFT organization)

Answer

The SWIFT organization, based in Belgium, registers and maintains BIC codes worldwide.

Question 5

What is the primary purpose of a SWIFT/BIC code?

Accepted Answer

To identify a specific bank in international transfers

Answer

A SWIFT/BIC code uniquely identifies a financial institution for international money transfers.

Bank Code Practice Test