Swift Code or the Society for Worldwide Interbank Financial Telecommunication code is a globally accepted identification system for banks. These codes are mostly used for carrying out international wire transfers and can have 8/11 alphanumeric characters. It was first authorized to be created by the International Organization of Standardization (IOS).
Read MoreThe IFSC Code or the Indian Financial System Code is an 11 character code that is used by the Reserve Bank of India for identifying all the bank branches which are part of the NEFT system in India. It is used for the electronic payment system applications like the NEFT (National Electronic Fund Transfer, RTGS and CFMS.
Read MoreMICR Code or Magnetic Ink Character Recognition is a character recognition system used mostly by the banking industry for facilitating the processing of cheques. These characters are printed in special unique typefaces with magnetic ink. Iron oxide is the commonly used material and it requires a specially designed machine for reading these characters. These characters are mostly printed on the bottom of the cheque leaf. The code is required by the Reserve Bank of India (RBI) for identifying the bank and branch and clearing the cheque.
Read MoreWhen it comes to making an international online payment, you will be required to provide a BIC code. It can often leave one confused as to what the Bic Codes refer to. These are the same as SWIFT codes. It is an international banking code for transfer of financial messages. The code is also used for identifying banks all across the world. BIC stands for Bank Identifier Code and SWIFT refers to the Society for Worldwide Interbank Financial Telecommunication.
Read MoreThe BSB Codes or Bank State Branch codes are 6-digit codes used for identifying banks and branches in Australia. If you want to transfer payments within Australia, you will need the account number and the BSB code of the recipient. Similarly, you will have to provide your own account number and BSB to the sender. As already mentioned, there are 6 digits in this code. The first 2 or 3 digits are used as bank identifier. This part of the code is used to process both electronic and paper-based transactions. However, it is not used in the case of payment card numbering.
Read MoreSort Codes are numbers assigned to bank branches and they are used mostly for the internal purposes of the bank. These codes will have 6 digits which are separated in sets of two's with hyphens. They are most widely used in the banking systems of the United Kingdom and Ireland.
Read MoreRouting Numbers, also known as ABA Numbers or Routing Transfer Numbers are 9 digit numbers used by the banking system in the United States for identifying banks and financial institutions. This number system is used by the US banks for carrying out Automatic Clearing House and wire transfers. This includes various forms of transactions like direct deposits, electronic funds transfers, e-checks, tax payments, and direct payment against bills and much more.