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What are Bank SWIFT (BIC) codes?

In world practice are used encryption methods to identify financial institutions in order to facilitate automated processing of messages. Because of the different approaches to the system of codes assignment and of their diversity, many institutions have more than one code, while others are not assigned any. To create the unique identification code by the International Standards Organization (acronym is ISO) was developed international standard ISO 9362 - "Banking" - "Banking telecommunication messages" - "The identification codes of banks" - "BIC Codes». It establishes a universal method of identifying of financial institutions ...

SWIFT Code → → →
Bernburg SalzlandsparkasseNOLADE21SES
Stassfurt SalzlandsparkasseNOLADE21ASL

Country code - the corresponding two-letter code defined in ISO 3166. Is used to identify the country in which the participant of settlements is located. Location code is generated by SWIFT, specifying the location of the settlement participant within a given country, that is, defines a region or city. It has two components - the area code and the additional code (suffix-code). Region code consists of a single alphanumeric character, while in it is not allowed numbers "0" and "1." Area code is used to: - To divide the country into geographical parts; - Identify the major economic regions of the country; - Identify the time zone in the country. Additional code (suffix code) also consists of a single alphanumeric character, and the number "0" is reserved for special use, and the letter "O" is not used. Regarding suffix codeare applied the following rules: - It allows to introduce an additional division within a region or city; - "1" means the code of not connected to the SWIFT organization (NON-SWIFT BIC); - The number "0" denotes a training addressing. Branch code is optional and is used to identify a particular branch, subsidiary office or settlement participant department. When registering a branch of code, the following restrictions are applied: - It is prohibited the use of "X" as the first character code of the branch; - It is prohibited the use of «BIC» combination; - SWIFT BIC codes, which do not include registered codes of affiliate, has a default value of branch "XXX" code. Here is an example of SWIFT BIC code: AFNBUS4HXXX AFNB -4 letters denote the Code of Financial Institution or Bank. In our case it is American First National Bank. US – 2 letters denote the country code according to ISO 3166-1 alpha-2 country codes, this means United States. 4H – 2 letters denote the place of location, in our case this is Houston. XXX – 3 letters or digits denote the branch code, and in our case “XXX” means the head office.