A SWIFT code is an international bank identifier used to send or receive money across borders. It’s required for global wire transfers and identifies both the bank and branch location. SWIFT codes are standardized by the Society for Worldwide Interbank Financial Telecommunication and consist of 8 or 11 characters.
SWIFT is essential for global business operations. If you send or receive funds internationally, a SWIFT code is necessary to ensure accuracy and prevent delays. AltoPay collects and validates SWIFT codes for merchant onboarding and payout management. You should verify that your business’s receiving bank uses the correct code to avoid rejected or delayed settlements.
For more than a decade, Jessica Velasco has been a thought leader in the payments industry. She aims to provide readers with valuable, easy-to-understand resources.
