Society for Worldwide Interbank Financial Telecommunications (SWIFT)

Society for Worldwide Inter bank Financial Telecommunications (SWIFT) is solely a carrier of messages. It does not hold funds nor does it manage accounts on behalf of customers, nor does it store financial information on an on-going basis.
As a data carrier, SWIFT transports messages between two financial institutions. This activity involves the secure exchange of proprietary data while ensuring its confidentiality and integrity.
SWIFT, which has its headquarters in Belgium, has developed an 8-alphabet Bank Identifier Code (BIC). For instance HDFCINBB stands for:
• HDFC = HDFC Bank
• IN = India
• BB = Mumbai
Thus, the BIC helps identify the bank.