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I always thought that swift main feature was sorta like a DNS for banks. An hypothetical SWIFT consortium would assign unique short names to banks so to provide
by afiori 5y ago
I always thought that swift main feature was sorta like a DNS for banks. An hypothetical SWIFT consortium would assign unique short names to banks so to provide a baseline for authentication and identification.
This only based on the swift codes you have to add sometimes next to the IBAN.
- atdrummond 5y agoThat would make sense in the context of payments like SEPA, etc. where a unique code helps limit mistaken transactions - however, that doesn't mean SWIFT itself is actually being used beyond the identifying codes banks use on the system. Where a SWIFT MT103 would come in is typically (but not always!) much larger transactions, such as moving $100m from a corporate account in one country to another.