Characters of SWIFT
The code is 8 or 11 characters
4 characters – bank code
2 characters – country code
2 characters – location code
3 characters – branch code, optional ( ‘XXX’ for primary office)
Where an 8-digit code is given, you may assume that it refers to the primary office.
BIC is often called SWIFT addresses or code
Examples of BIC
BIC ICICINBB is for ICICI Bank, Mumbai
ICIC identifies ICICI Bank
IN identifies country code for India
BB identifies Code for Mumbai
BIC ICICINBB011 is for ICICI Bank, Andheri
011 identifies Code for Andheri Branch
BKE/ AUTHENTICTY MESSAGE
BKE stand for Bilateral Key Exchange
BKE is an essential part of the security of the S.W.I.F.T. network.
Exchanges secret bilateral authentication keys
Automatically generates code while sending
It also decodes and confirm while receiving
Once BKE relation established within 2 banks they can send and receive authenticated messages between them.
If No BKE present then only MT 999 can be exchanged (MT 999 Free format Unauthenticated Message)
Automatically verifies the authenticity of message
Smooth process without human intervention
Cost saved for processing
Processing time reduced
It is a written communication in a structured format
It is not a file
No Attachments can be sent
Message types (MT)
SWIFT message as identified by 3 digit number
Each MT have diff Structure / Use
Message categories series of MTs relating to a particular class of transaction, as indicated by the first digit of the MT number.
Message Blocks Header, Text , Trailer
SWIFT MESSAGES BLOCKS
Contains control information
Addressee, processing, priority and security.
Contains the substance of the message.
format and structure varies according to the MT
For control purposes, CHK Trailer, PDE Trailer