SWIFT Operations Forum Americas Conference at the Convene Center in the TIAA-Cref Building in midtown Manhattan, Tuesday, March 5, 2013. Photo Copyright 2013 Garrett Ewald
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.







Looking at SWIFT Code and SWIFT

If you are a banking or financial professional, you might have come across the term “SWIFT Code” frequently.  If you do international payment transfer, you will always need to state the SWIFT code of the receiving bank.

If you are managing wealth for clients especially for ultra-high net worth clients, you would be asked to do frequent international payments for investments and expenses, and that involves accurately processing payments with the correct SWIFT codes.

What exactly is a SWIFT Code?  How does it work?

- Article continues below -
Web links may be disabled on mobile for security.
Please click on desktop.





The 2023 Investment Day | HK & SG
Where do you invest $250k, $1 million, $10 million, $100 million or $1 billion? Can you generate IRR of 10% / 15% / 20% or more? Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 28th March 2023 in Hong Kong, 4th April 2023 in Singapore, and Virtual Investment Day in April 2023.
Visit | Register here





How SWIFT Code looks like:

BKCHHKHH

8 digit SWIFT Code ~ to a Bank of China branch in Hong Kong

CITISGSGGCB

11 digit SWIFT Code ~ to a Citibank branch in Singapore

 

How do you read a SWIFT Code?

SWIFT code are either in 8 or 11 characters.  8-digits code refers to the primary office (bank).  For 11 characters SWIFT code, the last 3 characters refer to the branch code.

Interpreting the SWIFT Code:

  • First 4 characters – bank code (only letters)
  • Next 2 characters – ISO 3166-1 alpha-2 country code (only letters)
  • Next 2 characters – location code (letters & digits) (passive participant will have “1” in the second character)
  • Last 3 characters – branch code, optional (‘XXX’ for primary office) (letters & digits)

Example:

SWIFT Code Bank Country Location Branch
CITISGSGGCB CITI SG SG GCB
Intepretation Citibank Singapore Singapore Global Consumer Banking Unit

 

What is SWIFT Code?

SWIFT Code is a unique identifier for banks.  It uses a standard format of Bank Identifier Codes (BIC), popularly known as “SWIFT codes”.  The codes are used for transferring money between banks, especially for international payments. Banks also use SWIFT Code for communication purposes such as exchanging messages.

 

Who is behind the SWIFT Code?

SWIFT is the entity that created the SWIFT Code. The acronym SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.

 

The History of SWIFT

In 1973, The Society for Worldwide Interbank Financial Telecommunication, SWIFT was founded as a cooperative utility by 239 banks from 15 countries.  The purpose is to solve a common problem: how to communicate about cross-border payments.  It is headquartered in Belgium.

 

SWIFT Messaging Service 

SWIFT Operations Forum Americas Conference at the Convene Center in the TIAA-Cref Building in midtown Manhattan, Tuesday, March 5, 2013. Photo Copyright 2013 Garrett Ewald

In 1977, 4 years after its founding, SWIFT went live with its messaging service, which replaced the Telex Technology that was widely used then.  A total of 518 institutions from 22 countries were connected to SWIFT’s messaging services.

About Telex Technology

The telex network are used to send text-based messages.  It is a switched network of teleprinters, similar to a telephone network.  It is used as early as 1926 and gained widespread use after 1945.    The Telex technology is similar to modern day fax, email and texting though is less used but still relevant in selected industry such as the maritime industry.

The 1977 SWIFT messaging services:

  • Message Platform
  • Computer system to validate & route messages
  • A set of message standards

The standards were developed to allow a common understanding of the data, across different languages and banking systems.  This will allow seamless and automated receiving and processing of communication exchanged between banks (users).

 

The Standards

The standards are defined under ISO 9362 – a standard format of Business Identifier Codes which is known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code.  The ISO 9362 is approved by the International Organization for Standardization (ISO)

ISO, the International Organization for Standardization develop and publish International Standards. The standards give world-class specifications for products, services and systems, to ensure quality, safety and efficiency. They are instrumental in facilitating international trade.

 

The Growth of SWIFT

SWIFT Sibos Event

In 1980, Hong Kong and Singapore started live operations, and by 1983 more than 1,000 users from 52 countries were using SWIFT services.  The same year, the connection was made to central banks and established itself as the common link between all parties in the financial industry.

In 1987, the messaging services and user base was introduced into the securities market.

More about SWIFT: About SWIFT

Visit Website: SWIFT

 




Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below








Caproasia Users

  • Manage $20 million to $3 billion of assets
  • Invest $3 million to $300 million
  • Advise institutions, billionaires, UHNWs & HNWs

Caproasia Platforms | 10,000 Investors & Advisors

Monthly Roundtable & Networking

Family Office Programs

The 2023 Investment Day

  • 28th March 2023 - Hong Kong
  • 4th April 2023 - Singapore
  • April 2023 - Virtual
  • Sept 2023 - Hong Kong
  • Oct 2023 - Singapore
  • Oct 2023 - Hong Kong
  • Visit: The Investment Day | Register: Click here

Caproasia Summits

Contact Us

For Enquiries, Membership
mail@caproasia.com, angel@caproasia.com

For Listing, Subscription
mail@caproasia.com, claire@caproasia.com

For Press Release, send to:
press@caproasia.com

For Events & Webinars
events@caproasia.com

For Media Kit, Advertising, Sponsorships, Partnerships
angel@caproasia.com

For Research, Data, Surveys, Reports
research@caproasia.com

For General Enquiries
mail@caproasia.com





Make Better Business & Investment Decisions



For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Professional InvestorInstitutional InvestorFamily OfficeAdvisorFinancial ProfessionalExecutiveOthers


    Mailing ListFree TrialSubscription YearlySubscription MonthlyMembershipEvents


    Professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights











    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014


    Web links may be disabled on mobile for security.
    Please click on desktop.






    Previous articleBNY Mellon Investment Management Appoints Head of Japanese Financial Institutions Group
    Next articleHighlights from the SWIFT Corporates Forum 2017 in Singapore
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia