## The SWIFT Code: How the Global Payment System Works
The SWIFT system represents the fundamental infrastructure governing money transfers between financial institutions worldwide. Managed by an international consortium of banks, this mechanism fully standardizes cross-border financial communications, eliminating any ambiguity in the international settlement process.
### The Structure of the SWIFT Code and the BIC System
The SWIFT code, formally known as Business Identifier Code (BIC), is a unique eight-character identifier assigned to each participating bank in the network. The structure is
View OriginalThe SWIFT system represents the fundamental infrastructure governing money transfers between financial institutions worldwide. Managed by an international consortium of banks, this mechanism fully standardizes cross-border financial communications, eliminating any ambiguity in the international settlement process.
### The Structure of the SWIFT Code and the BIC System
The SWIFT code, formally known as Business Identifier Code (BIC), is a unique eight-character identifier assigned to each participating bank in the network. The structure is