classification and importance of swift codes ?

Classification and importance of SWIFT Codes ?

Definition: SWIFT Codes ka Matlab hai "Society for Worldwide Interbank Financial Telecommunication" aur ye ek system hai jisay banks worldwide use karte hain taake international financial transactions securely aur efficiently complete kiye ja saken. SWIFT Codes banks aur financial institutions ke liye bohat ahem hotay hain, aur inka classification aur importance niche di gayi hai. Classification (SWIFT Codes Ki Qisamain): 1. SWIFT/BIC Code (Bank Identifier Code): Ye code 8 se 11 characters ka hota hai aur har bank ya financial institution ka unique hota hai. Ye code bank ko identify karta hai aur transaction ko sahi jagah pohanchane mein madadgar hota hai. 2.SWIFT MT Codes: Yeh codes SWIFT network ke andar different types ke financial messages aur instructions ko classify karne ke liye istemal hotay hain. For example, MT103 message is used for single customer credit transfer while MT202 is used for bank-to-bank transactions. 3. SWIFT MICR Codes: Some countries use Magnetic Ink Character Recognition (MICR) codes along with SWIFT for processing checks. These codes are used for identifying bank branches. Importance (Ahmiyat) of SWIFT Codes: 1.International Transactions: SWIFT Codes ka sab se bara faida ye hai ke ye international transactions ko asani se process karne mein madadgar hotay hain. Ye codes banks ko allow karte hain ke wo transactions ko securely aur accurately process kar saken. 2.Transaction Tracking: SWIFT Codes ke zariye banks transactions ko track karte hain. Is se customer aur banks dono ko pata chalta hai ke paise kahan ja rahe hain aur transaction ka status kya hai. 3.Prevention: In codes ka istemal errors aur frauds ko rokne mein bhi hota hai. Har bank ka unique SWIFT Code hota hai, is liye agar kisi ne galat code enter kiya to transaction fail ho jati hai. 4.Global Banking Network: SWIFT ek global banking network hai, is liye ye banks ko connect karta hai aur unko international financial communication ke liye ek platform deta hai. 5.Regulatory Compliance: SWIFT Codes regulatory compliance aur anti-money laundering (AML) ke liye bhi ahem hotay hain. In codes ke istemal se financial institutions easily track kar sakti hain ke kis tarah ke transactions ho rahe hain.