Tag Archives | SWIFT

Standby Letter of Credit: How it works

In the previous article we introduced the Standby Letter Of Credit (SLOC) and looked at the steps of its issuance and notification. The next question now is what happens after. In this article we will see how it works. In summary, there are two possibilities: The Standby Letter of Credit is not put into play. […]

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Image of SWIFT Message category, groupe and type

SWIFT, SWIFTNet and SWIFT Message Types

SWIFT, with its network SWIFTNet, is a major player in global payments. This article provides a brief introduction about SWIFT, its network and the SWIFT Message types, groups and categories. What are SWIFT and SWIFTNet ? SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. Its network interconnects banks and companies almost everywhere in the […]

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Image of a Structure of the SWIFT BIC Code structure

SWIFT BIC Code

The SWIFT BIC code is a standardized international identifier (ISO 9362) used in financial messages exchanges. Understanding what the BIC code is fundamental because it is used to identify entities and to route payments messages over SWIFTNet, the SWIFT secure IP Network. What does BIC stand for? and what is the BIC? Does BIC stand for […]

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