Swift definition is - moving or capable of moving with great speed. To put it simply, they are unique codes that identify each and every bank for the purpose of international payments. SWIFT (Society for the Worldwide Interbank Financial Telecommunication): Founded in Brussels in 1973, the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) is a co-operative organization dedicated to the promotion and development of standardized global interactivity for financial transactions. On the one hand, a SWIFT copy refers to a document that is an extract of the electronic payment document sent to the correspondent bank or beneficiary bank. BIC means Bank Identification Code, or Bank Identifier Code. Moving or capable of moving with great speed; fast. As a key player in the transformation of the financial sector, BBVA has played an active role in bringing all of the advantages provided SWIFT gpi to its clients. A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). So, what is a SWIFT code? It’s used to identify banks and financial institutions globally. The American customer would go to their local Wells Fargo branch. It is an 8 to 11-character code that is used to identify a specific bank when you make an international transaction. swift definition: 1. happening or moving quickly or within a short time, especially in a smooth and easy way: 2. a…. SWIFT codes and BICs are the same exact thing, but don’t mistake a SWIFT code for a bank routing number. It’s almost like a postcode for your bank, ensuring that your money goes to the right place. Knowing where to find and how to use a SWIFT/BIC is indispensable and will prevent you from making costly mistakes. See Synonyms at fast1. For bank A to send a message to bank B with a copy or authorization with institution C, it formats the message according to standard and securely sends it to SWIFT. It is the first bank in Spain to offer this service. Although both are used to identify banks, you must use a BIC/SWIFT code to transfer money internationally and an American Bankers Association, or ABA, routing number to transfer money domestically. These codes are used as Bank Identifier Codes (BIC). Each bank has a unique code made up of letters and numbers. The digital revolution is making itself felt in the area of international payments in response to the demands and needs of customers. A SWIFT code is used to identify a particular branch of a bank. It says who and where they are — a sort of international bank code or ID. BIC and SWIFT codes are essential terminology you should be acquainted with if you are sending or receiving cross-border payments. est 1. Learn more. 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