Society for Worldwide Interbank Financial Telecommunications (SWIFT)
SWIFT is solely a carrier of messages. It does not hold funds nor does it manage accounts on behalf of customers, nor does it store financial information on an on-going basis.As a data carrier, SWIFT transports messages between two financial institutions. This activity involves the secure exchange of proprietary data while ensuring its confidentiality and integrity.
SWIFT, which has its headquarters in Belgium, has developed an 8-alphabet Bank Identifier Code (BIC).
For instance HDFCINBB stands for:
• HDFC = HDFC Bank
• IN = India
• BB = Mumbai
Thus, the BIC helps identify the bank. A typical SWIFT instruction would read as follows:
Please remit [amount in US$] by wire transfer To HDFC Bank Mumbai Account Number V801-890-0330-937
with Bank of New York, New York [Swift code IRVTUS3N]
for further credit to account number XXXXXXXXXXXXXX of Advantage-India Consulting Pvt.Ltd with HDFC Bank, Ghatkopar East Branch, Mumbai 400077, India HDFC Bank’s Swift code is HDFCINBBXXX
Internationally, funds are remitted through such SWIFT instructions.
