SWIFT works by assigning each member institution a unique ID code (a BIC number) that identifies the bank name and the country, city, and branch. SWIFT has been used to impose economic sanctions ...

The SWIFT system uses the codes to know where the transfer is coming from, where it's going, and how it's going to get there. Here's how the code is constructed: Bank code (four letters) ...

IBAN vs. SWIFT Code: An Overview . There are two internationally recognized, standardized methods of identifying bank accounts when a bank transfer is being made from one country to another: an ...