SWIFT code (also known as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes
approved by the International Organization for Standardization (ISO).
It is a unique identification code for both financial and non-financial institutions.
(When assigned to a non-financial institution, a 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.
The SWIFT code is 8 or 11 characters, made up of:
4 letters: Institution Code or bank code.
2 letters: ISO 3166-1 alpha-2 country code
2 letters or digits: location code
if the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
if the second character is "1", then it denotes a passive participant in the SWIFT network
if the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message
as opposed to the more usual mode whereby the sender pays for the message.
3 letters or digits: branch code, optional ('XXX' for primary office)
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
IFSC stands for Indian Financial System Code .
The Payment System Applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds
Management System (CFMS) developed by the Reserve Bank of India use these codes.
The IFSC code consists of 11 Characters : (e.g ICIC0000039)
First 4 characters represent the entity (ICIC0000039 )
Fifth position has been defaulted with a '0' (Zero) for future use (ICIC0000039)
Last 6 character denotes the branch identity (ICIC0000039 )
IFSC is being identified by the RBI as the code to be used for various payment system projects within the country, and it would, in due course, cover all networked branches