The SWIFT system (The Society for Worldwide Interbank Financial Telecommunication) system was created with the purpose to ensure a standardisation and security of international payments. In fact, SWIFT is a sort of network that allows different banks to exchange electronic messages among each other. Because all SWIFT messages have a standardized format, it helps to avoid confusion in the communication between banks in different parts of the world. Thanks to SWIFT payment procedures became more simple and faster, decreasing the risk of error.
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Why was the SWIFT/BIC code system created?
- How to check that a payment has been executed?
- What is the difference between express payment and standard payment?
- How to cancel a payment?
- During what period of time the just sent payment can be cancelled?
- What information should be indicated in the purpose of the payment?
- How long is the SWIFT / SEPA payment executed?
- Why is my payment rejected?
- I sent the payment, but the recipient claims that the money has not come. What to do?
- Where is my payment?
- What symbols and what language can be used for filling in the payment form?
- How to make a payment in another currency? Is it necessary to pre-convert the currency?
- What are the limits?
- What is a SWIFT/ Business Identifier Code (BIC)?
- When do you need a SWIFT/BIC-code?
- How to find a SWIFT code?
- Why was Bilderlings’ BIC-code changed?