Swift codes are numeric or alphanumeric codes, which keep changing frequently, rather instantly and this ability of it is deployed with either the stock exchange transaction or the bank money transfer transaction. This is basically to increase the level of security level for the online transfer of money.

This swift code is required to be entered at the time of money transfer so it notes the exact time of transfer with the authenticity of the owner of the account as he would be the one who would be owning the swift code instrument. Generally, only one swift code is required to be entered for an account at any instant of time, but problem creeps up when more than one swift code is entered at any point of time.

Generally, its a standard practice for banks to have an 8 digit swift code and additional branch code will be added to it in the prefix making it a code of 11 digits. Bank keys are provided for online transfer of money and swift codes are used to enhance the security of electronic transactions. Multiple swift codes for one bank key creates problems many a times and this issue needs to be resolved as and when it creeps up.

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One Response to “What is SWIFT Code and how it works in Banking?”

1. Harry says:

   23/10/2009 at 10:25 am

   Multiple swift codes for one bank key creates problems many a times and this issue needs to be resolved as and when it creeps up.
   I am facing same prb can u pl give a y solution for this