The Swift wxxxcode-style of Industrial and Commercial Bank of China is ICBKCNBJ.
The eleven-digit BIC can be split into four parts: bank code, country code, area code and branch code. Taking the Industrial and Commercial Bank of China as an example, its bank identification code is ICBKCNBJ110. Its meaning is: ICBK (bank code), CN (country code), BJ (area code), 110 (branch code).
1. Bank Code: It consists of four English letters. Each bank has only one bank code and is customized by it. It is usually the abbreviation of the bank name and is applicable to other banks. All branches.
2. Country Code: It consists of two English letters and is used to distinguish the country and geographical area where the user is located.
3. Location Code: consists of two numbers or two letters other than 0 and 1, used to distinguish the geographical location of the country, such as time zone, province, state, city, etc. .
4. Branch Code: It consists of three letters or numbers and is used to distinguish a certain branch, organization or department in a country. If the bank's BIC has only eight digits and no branch code, its initial value is set to "XXX".
User Type
1. SWIFT requires membership. Most of our country's specialized banks are members.
2. SWIFT has low fees and high speed. For the same amount of content, the cost of SWIFT is only about 18 as much as TELEX (telex), and only about 2.5 as much as CABLE (telegram).
3. SWIFT is highly secure. SWIFT's encryption is more reliable and confidential than telex encryption, and it has higher automation.
4. SWIFT’s format is standardized. For SWIFT messages, the SWIFT organization has unified requirements and formats.
There are three types of users: members (shareholders), sub-members and ordinary users. Members can enjoy all SWIFT services; ordinary users only enjoy services related to their business, mainly from the securities industry, such as securities intermediaries, investment management companies, fund management companies, etc.
SWIFT also prepares a code according to this rule for banks that have not joined the SWIFT organization to replace the full name of their bank in the message. All such codes have the letters "BIC" added to the last three digits to distinguish them from the SWIFT address codes of official SWIFT member banks.