What is SWIFT? Bank identification code
What is a SWIFT code?
In this video, we break down how the SWIFT network—short for the Society for Worldwide Interbank Financial Telecommunication—powers secure international payments by sending encrypted instructions between more than 10,000 banks worldwide.
You’ll learn why SWIFT is a messaging system, not a payment processor, how each bank is identified by a unique BIC (Bank Identifier Code), and why businesses rely on SWIFT for global reach, security, and reliability. We explain how cross-border payments move using Nostro and Vostro accounts, how SWIFT GPI brings real-time tracking and transparency, and why every international transfer requires an accurate 8–11 character BIC/SWIFT code. Finally, we show how BILL helps businesses simplify and track global payments while minimizing fees and ensuring funds arrive on time.
Learn more at https://www.bill.com/product/internat...