SWIFT codes are a combination of various kinds of letters and are used to identify the branch codes of the banks. est 1. To put it simply, they are unique codes that identify each and every bank for the purpose of international payments. SWIFT codes and BICs are the same exact thing, but don’t mistake a SWIFT code for a bank routing number. The digital revolution is making itself felt in the area of international payments in response to the demands and needs of customers. Okay, I am not sure exactly what you are asking about. They would provide the bank account number of their family member in Spain and the unique SWIFT code of the Santander Bank … The American customer would go to their local Wells Fargo branch. These codes are used as Bank Identifier Codes (BIC). Synonym Discussion of swift. How to use swift in a sentence. Moving or capable of moving with great speed; fast. It says who and where they are — a sort of international bank code or ID. SWIFT (Society for the Worldwide Interbank Financial Telecommunication): Founded in Brussels in 1973, the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) is a co-operative organization dedicated to the promotion and development of standardized global interactivity for financial transactions. Knowing where to find and how to use a SWIFT/BIC is indispensable and will prevent you from making costly mistakes. BIC and SWIFT codes are essential terminology you should be acquainted with if you are sending or receiving cross-border payments. Once the instruction is loaded into the SWIFT system, it is conveyed to the other institution. It is the first bank in Spain to offer this service. Swift definition is - moving or capable of moving with great speed. A SWIFT code is used to identify a particular branch of a bank. It is an 8 to 11-character code that is used to identify a specific bank when you make an international transaction. A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). See Synonyms at fast1. BIC means Bank Identification Code, or Bank Identifier Code. It’s almost like a postcode for your bank, ensuring that your money goes to the right place. So, what is a SWIFT code? Each bank has a unique code made up of letters and numbers. It’s used to identify banks and financial institutions globally. On the one hand, a SWIFT copy refers to a document that is an extract of the electronic payment document sent to the correspondent bank or beneficiary bank. Learn more. swift definition: 1. happening or moving quickly or within a short time, especially in a smooth and easy way: 2. a…. SWIFT guarantees its secure and reliable delivery to B after the appropriate action by C. SWIFT guarantees are based primarily on high redundancy of hardware, software, and people. 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