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Most of the international interbank messages rely on the SWIFT network. It is estimated that tens of millions of messages are exchanged every day.
A unique thing about this system is that it will only transfer financial messages in a highly reliable and secure way without holding any accounts for members.
It can often leave one confused as to what the Bic Codes refer to. It is an international banking code for transfer of financial messages.
It is owned and operated by a large number of member financial institutions that have offices worldwide. It hosts annual conference known as SIBOS that is targeted at the financial services industry.
Today, the SWIFT standard has become a well accepted and recognized industry standard of proper syntax for carrying out financial messages.
These codes are mostly used for carrying out international wire transfers and can have 8/11 alphanumeric characters.
It was first authorized to be created by the International Organization of Standardization (IOS).
These characters are mostly printed on the bottom of the cheque leaf.