Swift Details of Westpac Banking Corporation
||Westpac Banking Corporation
|Swift Code (8 characters)
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".
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.