![]() The routing number defines where a payment needs to go in order to reach the recipient bank account successfully. ![]() If you’re sending payments via the local payment network (ACH) it’s likely you will need a routing number and account number. In the UK, an example of an IBAN number would be: After this there can be up to 35 characters which are used to identify the individual bank account. Next follows 4 digits from the SWIFT code. When used in combination with a SWIFT or BIC code it helps facilitate the automatic movement of cross-border payments.Īn IBAN number begins with two-letter country code followed by a two-digit IBAN checksum. Some banks use an IBAN to identify a customer’s bank account. IBAN number (International Bank Account Number) Here’s an example of a SWIFT/BIC code for Barclays Bank: Around the world, other banks may refer to a SWIFT or BIC code as CHIPS, NCC, BSC or IFSC.Īs a business you will use SWIFT codes or BIC codes on international wire transfers and SEPA (Single Euro Payments Area) payments. It is made up of 8-11 characters and is commonly known as a Bank Identifier Code or BIC. In this blog we break down the different banking codes to help you understand them.Ī SWIFT code is used to identify worldwide banks. It’s not surprising error rates on international payments are high when some banking codes consist of over 30 characters. You may well have also had occasions where you’ve entered the wrong digit and a payment has gone missing. If you’re sending international payments you are no doubt familiar with the various banking codes required to ensure your payment reaches your supplier. An easy-to-understand breakdown of the different banking codes needed for making international payments…
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