Glossary

SWIFT Code/ Bank Identification Code (BIC)

Is code belonging to a Financial Institution which identifies it worldwide. It is comprised of 8 or 11 alphanumeric characters. The International Organisation for Standardization (ISO) was the authority which approved the creation of such codes.

How does SWIFT Code work?

SWIFT Code is made by assigning each Financial Institution a unique code. To clarify it in detail, here is an overview of PayAlly SWIFT: PYYLGB2LXXX:

       First four characters identify the institution (PYYL)

       Next two characters identify the country (GB)

       Next two characters the location/city code (2L)

       Last three characters are optional to identify the branches (XXX)

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