SWIFT Code stands for 'Society for Worldwide Interbank Financial Telecommunication' code. A SWIFT code is also called BIC Code 'Bank Identification Code' which is used to identify banks uniquely throughout the world. A SWIFT code is recognized and approved by the International Standards Organization, or ISO, and represents a particular bank or bank branch. It is especially useful in facilitating international wire transfers.
The SWIFT code is an 8 or 11 alphanumeric characters code that uniquely identifies financial institution. If a SWIFT code is eleven characters, this means that the bank has added a three-digit code to denote a specific branch of a bank.
First 4 characters - Bank Code - Identifies financial institution uniquely (only letters)
Next 2 characters - Country Code (only letters)
Next 2 characters - Location Code (Letters and Digits)
Optional Last 3 characters - Branch Code of a bank ('XXX' for main office) (Letters and Digits)
For e.g. the swift code for ( SECURITIES SERVICES SYDNEY LOCAL CUSTODY) branch of BNP PARIBAS SECURITIES SERVICES, (AUSTRALIA BRANCH) is PARBAU2SLCC where first 4 characters PARB signify the bank code for BNP PARIBAS SECURITIES SERVICES, (AUSTRALIA BRANCH) while last 3 characters LCC is the branch code for ( SECURITIES SERVICES SYDNEY LOCAL CUSTODY) branch. The above mentioned format of Bank Identifier Codes (BIC) or Swift Code is approved by the International Standard Organization (ISO) and represents a particular bank or bank branch.