Demystifying SWIFT and IBAN: Connecting Banks Globally

Read time: 3 mins

Last updated: 17 April 2024

In the realm of international finance, two key components play a pivotal role in facilitating seamless transactions: SWIFT and IBAN. Let's delve deeper into these concepts and explore how they contribute to global banking connectivity.

Understanding SWIFT

SWIFT serves as the backbone of global banking connectivity, acting as the conduit that links banks worldwide and facilitates secure and efficient payments between them. The organization curates the SWIFT directory, a comprehensive list of all banks, their branches, and the unique codes assigned by SWIFT to identify them.

Every UK bank branch is allocated a SWIFT code, enabling them to participate in international money transfers seamlessly. These codes, also known as Business Identifier Codes (BICs), are essential for routing payments accurately across borders. Typically, individuals can find their bank's SWIFT code in their online banking app or on their regular bank statements.

Checking bank accounts with a mobile app

Deciphering IBAN (International Bank Account Number)

IBAN, an acronym for International Bank Account Number, serves as a standardized format for identifying bank accounts across borders. Each country participating in the IBAN system has its own unique format for generating IBANs, typically comprising the country code, bank/branch identifier, and account number. Additionally, a check digit is computed to detect typing errors and ensure the accuracy of the IBAN.

While IBAN checking can be performed using a simple MOD 97 algorithm to verify its validity, many countries incorporate separate account check digits within the IBAN, each requiring specific algorithms for validation.

Mintly's Role in IBAN Validation

At Mintly, we specialize in IBAN and bank account validation, offering robust algorithms to validate IBAN numbers, including country-specific check digits. With a single API call, businesses can quickly and accurately perform IBAN checks, ensuring compliance and accuracy in international transactions.

Furthermore, for countries like the UK, Republic of Ireland, and Germany, Mintly leverages its extensive database of bank branches to provide additional insights, such as branch address and supported payment types. We are committed to expanding our support for other countries and accommodating specific requests from our clients.

Unlock the Power of Mintly

Take your account checking to the next level by leveraging Mintly's comprehensive validation solutions. Whether you're navigating the complexities of IBAN verification or seeking insights into bank branch details, Mintly has you covered. Get in touch with us today to discover how Mintly can help solve your business's sort code and account checking challenges.

SWIFT and IBAN serve as indispensable components of the global banking infrastructure, facilitating seamless transactions and fostering connectivity between banks worldwide. With Mintly's advanced validation capabilities, businesses can navigate the intricacies of IBAN verification with ease, ensuring accuracy and compliance in international financial transactions. Embrace the power of Mintly and elevate your account checking processes today.