Bank Code Facts 5

Question 1

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

Accepted Answer

A passive participant in the SWIFT network

Answer

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

Question 2

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

Accepted Answer

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

Answer

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

Question 3

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

Accepted Answer

Yes, for different branches or business units

Answer

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

Question 4

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

Accepted Answer

The last three

Answer

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

Question 5

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

Accepted Answer

Letters or numbers (alphanumeric)

Answer

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

Bank Code Practice Test