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SWIFT Code ISO 9362 is unique code for identifying particular bank. It stands for Society for Worldwide Interbank Financial Telecommunication. It is also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code. This code is used in both financial and non-financial institutions It is used to transfer money between banks, particularly for international wire transfers and to exchange of messages between banks. The SWIFT code can be registered with Society for Worldwide Interbank Financial Telecommunication which located in La Hulpe, Belgium.
There are around 7500 active SWIFT codes and 10000 passive SWIFT codes in the world. The active SWIFT codes are connected to SWIFT network. The passive SWIFT codes are used for manual transactions.