Banking

SWIFT

Definition

Society for Worldwide Interbank Financial Telecommunication - a global network used by banks to send secure payment instructions across borders.

Usage

Examples

A SWIFT code like BOFAUS3N identifies Bank of America in the US

Concepts

Related Terms

BIC wire transfer correspondent bank

Related Definitions

IBAN Routing Number

Deeper Dive

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Account Number

A unique identifier assigned to a bank account for transactions.

ACH

Automated Clearing House - a US network for electronic bank-to-bank transfers, used for direct deposits, bill payments, and person-to-person transfers.

ACH Transfer

Automated Clearing House electronic fund transfer in the US.

Amortization

Spreading payments over multiple periods.

Available Balance

The amount of money in an account that is immediately available for withdrawal or use, excluding pending transactions and holds.

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