What is Swift Code/BIC?
The unique code known as the SWIFT code when making transfers from banks to other countries stands for the Society for Worldwide Interbank Financial Telecommunications, in fact it is an association that connects thousands of securities institutions and corporate customers in more than 200 countries in the world, with the aim of ensuring security online financial transactions, especially when transferring money between banks from and abroad. Another purpose of the SWIFT code is to reduce operational risk during transactions, provide standards, and minimize transaction costs.