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SWIFT Transaction

SWIFT is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.

SWIFT assigns each financial organization a unique code that has either eight characters or 11 characters. The code is interchangeably called the bank identifier code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code.2

To understand how the code is assigned, let’s look at Italian bank UniCredit Banca, headquartered in Milan. It has the 8-character SWIFT code UNCRITMM.3

First four characters: the institute code (UNCR for UniCredit Banca)
Next two characters: the country code (IT for the country Italy)
Next two characters: the location/city code (MM for Milan)
Last three characters: optional, but organizations use it to assign codes to individual branches.

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SEPA payment

SEPA credit transfer is a credit transfer in compliance with the European credit transfer standard. It can be used for all types of euro payments within the single euro payments area.

SEPA credit transfers are usually credited to the recipient on the following weekday at the latest, whereas SEPA instant credit transfers are transferred in seconds within the euro payments area. Whenever possible, most SEPA credit transfers are cleared to other banks in Finland and Europe in real time as SEPA instant credit transfers.

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