PRACTICAL SOLUTIONS
SWIFT bank identifier codes (BICs) are
another source for practitioners because
these provide the name of the financial institution, jurisdiction, location and/or branch.
BICs are generally eight characters in length
and consist of a bank code (unique to the
financial institution), a country code (to
identify the jurisdiction where the financial
institution is located), and a location code
(that provides a geographic distinction
within a jurisdiction). Sometimes, an additional three characters are used for a branch
code (to identify the physical branch of a
financial institution).
:20:
PAYREF XT78305
:32A:
091010EUR#1010000#
:50:
[CUSTOMER NAME AND ADDRESS]
:59:
[BENEFICIARY NAME AND ADDRESS]
Code Interpretation
20
T
ransaction reference number (coded number assigned by the originating institution
to identify the transaction)
32A
V
alue date, currency code, and amount of the transaction
50
O
rdering customer (party ordering the SWIFT transaction)
59
B
eneficiary (party designated as the ultimate recipient of the funds)
The chart on the right presents an example of
what a SWIFT message looks like and some
common codes used therein.
In addition to the above codes, other codes may include
52D
O
rdering bank (financial institution initiating the SWIFT)
Further investigation
53D
Sender’s correspondent bank
54D
Receiver’s correspondent bank
57D
T
he financial institution at which the ordering customer requests the beneficiary be paid
70
Details of payment
71A
Details of charges for the transaction
72
I
nstructions from the sending bank to the receiving bank
In many cases, the investigator will need
to access banks record