BIC codes made SIMPLE
The Society for Worldwide Interbank Financial Telecommunication is the official registrar of the BIC or SWIFT codes that are usually required to route international transfers between banks.
The infographic below is about the history, scope and current operations of the SWIFT in numbers.
|1||headquarter near Brussels, Belgium|
|20||offices in the world's major financial markets|
|1950||International banking transactions based on paper-based clerical handling procedures|
|1960||Competing computerised systems to exchange of messages between banks and countries|
|1973||Foundation of SWIFT by 239 banks from 15 countries|
|1977||the messaging system clicked into life. Six months later, membership had more than doubled to 518 banks.|
|1980||De-facto messaging service for the global banking industry|
|1987||opened up to non-bank financial institutions such as securities firms, fund managers and since|
|2000||opened up to banks' corporate customers|
|2013||9,300+ users in 209 countries. Customers exchange more than 15 million messages daily.|
|1||National Bank of Belgium (NBB)|
|10||G- 10 central banks|
|25||Board members' country representatives|
|9,300||Users: banks, broker-dealers, payments providers, securities depositories, stock exchanges and platforms|
Source: SWIFT for media July 2010 at Swift.com.
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