SWIFT Code

[Former Member]

Hi friends,

SWIFT Code means? which phases are implemented this one? pls explain?

Regards,

Chandra.

[former_member200240 · Accepted solution]

Hi Chandra

SWIFT is an abbreviation for Society for Worldwide Interbank Financial Telecommunications. It is a secure, inexpensive international messaging system which exchanges financial data among 7000 Financial institutions (FI) all over the world. It is a unique code assigned to each FI wherever the FI is located.

It is used for fund transfer globally.

What do you mean by which phases, etc?.

Hope this is useful.

S Jayaram

[Former Member]

SWIFT code is an international code for banks. Is standardized.

Is used within SAP for:

- electronic bank statement (SWIFT is also a format for EBS)

- international transfers: in all international transfers you will need to have SWIFT code in the vendor master data and you will need you produce a file that is compliant with one of the SWIFT format.

regards

[Former Member]

hi

just trying to explain some basic points.

SWIFT code is mainly used for international automatic payment transactions. where we can transfer money from one bank to another automatically

[Former Member]

Hi,

This swift code used in FI for Bank Electronic statements purpose. its used for after payments the bank will gives the file in this format which is conversion to SAP.

if useful assign points.

Raghav