GLOBAL PAYMENTS KNOWLEDGEISO 20022 / SWIFT / SEPA / MT / MX
PAYMENTSSIGNAL

The interactive academy for the standards, messages, and rails that move money.

PROGRESS
DRILL · THE SWIFT NETWORK AND BICS

The words behind The SWIFT network and BICs

Read the plain-language definition, then name the term it describes.

The member-owned cooperative whose network banks use to exchange standardized financial messages. It carries messages, not money.

Step 1 of 4

THE DRILL AS TEXT

  1. The member-owned cooperative whose network banks use to exchange standardized financial messages. It carries messages, not money.
    • SWIFT — Society for Worldwide Interbank Financial Telecommunication
  2. SWIFT's core store-and-forward messaging service, used to exchange MT messages between financial institutions.
    • FIN
  3. The standardized code that identifies a financial institution in payment messages and routing; often informally called a SWIFT code.
    • BIC — Business Identifier Code
  4. The Swift control through which a receiver authorises specified counterparties to send specified RMA-controlled message traffic.
    • RMA — Relationship Management Application

This drill is built from The SWIFT network and BICs — it rearranges material written and sourced on that page rather than asserting anything new, so every claim in it is checkable there.