BCR Publishing
We are the leading provider of news, market intelligence, events and training for the global receivables finance industry.
Working with industry leading organisations, experts, governments and universities, BCR Publications delivers expertise in factoring, receivables and supply chain finance to a global audience.
BCR has long been a beacon of innovation and excellence in the realm of receivables finance, playing an instrumental role in shaping the industry’s international landscape. Through its comprehensive conferences, insightful publications, and thought leadership, BCR has facilitated crucial dialogues and connections among industry professionals, driving forward the development of receivables finance globally.
9th Annual Credit Risk Modelling and Management in a Post-Pandemic Environment
05-01-2021| treasuryXL | marcus evans |
Management of credit risk and models are a top priority for banks.
Amsterdam, Netherlands | Option to attend virtually
21-23 February, 2022 | 08:30 CET
Methodologies to review and refine credit risk models incorporating Basel IV, IRFS9, IRB, climate risk and stress testing regulation
Credit risk modelling and management is an ongoing priority for the banking industry. The true impact of COVID-19 on credit risk is not yet clear. During the pandemic governments across Europe injected a lot of cash into the banking system to support companies and individuals and even though this helped to minimize bankruptcies and defaults, the real economic impact has been masked. Moreover, credit risk models have been tested to the extreme and IFRS 9 models were no exception. If anything surfaced out of this situation for banks, is the need to uncover alternative credit modelling techniques which can help models perform better in various crises scenarios.
The marcus evans 9th Annual Credit Risk Modelling and Management in a post-pandemic environment conference, taking place in Amsterdam, Netherlands and virtually, on 21-23 February, 2022, will provide risk modellers much needed knowledge to improve existing credit risk modelling techniques to make accurate predictions and maintain profitability. Banks will be able to compare and contrast lessons learnt during the pandemic as well as pinpoint key challenges and priorities faced by credit risk modelling managers. Comprehensive solutions regarding modelling techniques, regulatory compliance, climate risk, stress testing and data management will also be offered.
Attending This Premier marcus evans Conference Will Enable You to:
Best Practices and Case Studies from:
Special discounts available to Treasury XL subscribers! For more information please contact: Ria Kiayia, Digital Media and PR Marketing Executive at [email protected] or visit: https://bit.ly/3pTHs6p
Top 5 most read articles at treasuryXL.com and LinkedIn of 2021
04-01-2022 | treasuryXL |
Welcome in 2022! We are thrilled to share the Top 5 Most Read Articles with you below.
TreasuryXL has grown considerably last year, and our data shows us that our articles have widely been visited. We would like to take you to our most viewed website and LinkedIn articles of 2021. (Treasury Topic ‘What is’ articles excluded).
Top 5 treasuryXL website articles of 2021
What are BIC/ SWIFT codes, how do you find them, and how do they work?
by Xe
Blank Sheet Treasury
by Jesper Nielsen-Terp
7 steps on how to make Cash Flow forecast a success
by Bas Kolenburg
Blockchain and the Corporate Treasurer: towards Smart Treasuries
by treasuryXL, Carlo de Meijer
The principles of multilateral netting: what, why and how
by Enigma Consulting
Top 5 treasuryXL LinkedIn posts of 2021
VU ‘Treasury Management & Corporate Finance’ Programme – Online Open Evening
by VU
8 questions for Treasury Expert Philip who won the award for 2020 Best Fintech Solution
by Philip Costa Hibberd
Webinar Series Treasury Management | “Bitcoin. Is this the New Reality in Corporate Treasury or is it a Hoax?”
by VU
Interview | 8 questions for Kim Vercoulen, treasury recruitment consultant at Treasurer Search
by Kim Vercoulen, TreasurerSearch
Treasury: the sad story about the ones that do not get it
by Pieter de Kiewit, TreasurerSearch
Thank you for being part of the treasuryXL community. Wish you all the best in 2022!
Kendra Keydeniers
Director Community & Partners
Wout van Wijlick
Marketing Coordinator
What are BIC/ SWIFT codes, how to find them, and how do they work?
03-01-2022 | treasuryXL | XE | LinkedIn |
Just booked a rooftop hotel in Manhattan? Or bought an authentic Chinese vase at an auction in Hong Kong? When making an international payment, you need payment details such as BIC (also known as SWIFT address), the country code and IBAN. Not sure where to find this key ingredient to an international money transfer? Our guide will show you all there is to know about SWIFT and BIC codes.
Your bank or other financial institution must know where to transfer money to send or receive money worldwide, but how do they know? Make way, for a BIC/ SWIFT code is about to enter the picture! If you’ve ever used Xe to send money or read our guide on sending money, you’ve probably noticed that you’ll need a BIC or SWIFT code. But what exactly is it, and where would you seek for it?
From what a SWIFT/ BIC code is and why you need one to how to find one quickly and use it for international money transfers, our guide will teach you everything you need to know about this code. It’s time to get ready, get set, and go!
What is a BIC or SWIFT Code?
BIC stands for Bank Identifier Code, and SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. Sometimes, people use the terms “BIC” and “SWIFT” interchangeably. A SWIFT code or SWIFT ID typically identifies banks and other financial institutions worldwide, for international transactions. More specifically, it says who and where these institutions are, so that your money goes to the correct place – you might even think of it as a global identity card for banks.
The International Organization for Standardization (ISO) recognizes and approves SWIFT codes for financial and non-financial institutions. Right now, there are over 40,000 live SWIFT codes in the world.
What does a BIC/ SWIFT code look like?
SWIFT/ BIC codes contain 8-11 characters that identify your city, country, bank, and the branch of your bank. The code may look something like this: AAAABBCCXXX
All muddled up? Let’s get this BIC format straight:
AAAA: 4-letter bank code that’s usually a shortened version of your bank’s name.
BB: 2-letter country code that represents the country in which the bank’s located.
CC: 2-character location code, pointing to the place where the bank’s head office is situated. It’s made up of letters and numbers.
XXX: 3-digit branch code that specifies a particular branch of the bank, usually the bank’s headquarters. These last 3 digits are optional, though.
To help you understand better, we’ve listed out the BIC/ SWIFT codes for a few large banks from around the world:
Scotiabank (Canada): NOSCCATTXXX
Charles Schwab Bank (US): CSCHUS6SXXX
Bank of England: BKENGB2LXXX
State Bank of India: SBININBBXXX
Why do I need a BIC/ SWIFT code?
If you want to send money around the world, you’ll almost always need to use a SWIFT/ BIC code. That’s because money transfers technically don’t actually transfer money around the world. Banks securely transmit information to one another through the SWIFT system or their other channels, which lets them know where the money should come from (which account should be debited), and which account should be credited with the money. In short, without this code, your bank won’t know where exactly they should send your money to.
So, it’s important for a bank on one side of the world to find the right bank on the other side, when it comes to international wire transfers, even when you use an international money transfer app like Xe, you’ll have to enter the BIC/ SWIFT code of the recipient’s bank for wiring money to the recipient, because the money will travel from your bank account to your recipient’s bank account.
How do I find my SWIFT/ BIC code?
Don’t worry, you have a few options.
You can usually find your bank’s BIC/ SWIFT code in your bank account statements. If you’re using an online bank, log into your digital bank account to easily view your bank statement.
Visit the bank’s website and check their Frequently Asked Questions (FAQs) section, international wire transfers, and other related links for their BIC/ SWIFT code. If there’s a search feature on the website, enter “SWIFT code” in the search box.
In case you still can’t find the BIC/ SWIFT code, reach out to your bank via live chat, phone, social media, or email.
How do I verify a SWIFT code?
When sending or receiving money, always cross-check the BIC/ SWIFT code and other details with the recipient or your bank before you or the sender sends the money.
But why should you cross-check it?
As a matter of fact, if you enter a SWIFT code that doesn’t exist, the bank should reverse the payment you’ve made, and return your money. They’ll be charging a specific fee for that, though, and it might take some time before you get your money back.
As soon as it hits you that you’ve entered the wrong code to send money internationally (uh-oh), get in touch with your bank right away. They may be able to cancel the transaction, so keep your fingers crossed.
You can avoid such a scenario if you make sure that the BIC/ SWIFT code has:
You might think entering a SWIFT code is the work of a moment. But when you finally type it, character by character, it might seem as long as a marathon. Since it’s easy to make a mistake while typing in the code, try to copy and paste the code whenever possible.
Always stick to the format of the BIC/ SWIFT code that the recipient has given you. For example, don’t type the country code before entering the bank code. And remember, there shouldn’t be any spaces between the characters in the code.
How do I transfer money using a SWIFT code via money transfer apps (like Xe)?
Once you sign up on online money transfer apps like Xe, you need to link your bank account directly to the app. After that, you can send money straight to the recipient’s bank account through a wire transfer, no matter where in the world he or she may be. You’ll usually have to follow these steps for wiring money between banks via Xe:
Log in.
Confirm which currencies you’d want to exchange. You can use Xe’s free Currency Converter tool for a quick check on the mid-market rate.
Enter the amount you wish to send.
Enter the recipient’s name and address.
Enter the recipient’s bank details, including the BIC/ SWIFT code and the International Bank Account Number (IBAN) of his or her bank.
Choose your payment method and confirm the money transfer.
Is IBAN the same as SWIFT?
No, IBAN and SWIFT are 2 different codes, but both of these do the same job – sending or receiving money. Banks use SWIFT codes to identify bank branches for making international payments. On the other hand, IBAN codes specify individual bank accounts for both domestic and international payments.
It depends on the country to which you’re sending money. For example, banks in the US, Australia, and New Zealand don’t use IBAN numbers, but they use SWIFT codes for different banking services. But if you’re wiring money to a country within the Eurozone, you’ll surely need a SWIFT/ BIC code along with an IBAN number.
Is a SWIFT/ BIC code the same as a sort code?
Nope, sort codes aren’t the same as SWIFT codes. Sort codes are 6-digit codes that help British and Irish banks to identify bank branches for domestic payments (payments within a country).
No, all financial institutions, especially some small banks and credit unions, don’t have SWIFT codes. Instead, these institutions contact banks that do have BIC/ SWIFT codes, and ask them to serve as intermediaries for wiring money. You might also come across some financial institutions that use SWIFT for only a certain number of their branches, and not all of them.
Is a SWIFT code the same for all branches?
It depends on the recipient’s bank. Some banks may have one BIC/ SWIFT code for all their branches, while others have unique SWIFT codes for each of their branches. Plus, since all the branches of a bank may or may not use the SWIFT network, the code usually specifies the bank’s head office or primary office. So, are you ready to make an international money transfer using a BIC/ SWIFT code? Download the Xe app or sign up today!