CBSYSYDAXXX-Central Bank Of Syria-Swiftdetails
Swift Details of Central Bank Of Syria
||Central Bank Of Syria
|Swift Code (8 characters)
||Syrian Arab Republic
||Central Bank of Syria Damascus
SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also sells software and services to financial institutions, much of it for use on the SWIFTNet network, and ISO 9362. Business Identifier Codes (BICs,
previously Bank Identifier Codes) are popularly known as "SWIFT codes".
SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.
BIC is a unique identification code for both financial and non-financial institutions. ISO 9362 defines a standard format of Business Identifier Codes (also known as SWIFT-BIC, BIC, SWIFT ID or SWIFT code) approved by the International Organization for Standardization (ISO). The ISO has designated SWIFT as the BIC registration authority. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI. These codes are used when transferring
money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.