classification and significance of swift codes ?

Classification and significance of SWIFT Codes ?

Classification and significance of SWIFT Codes ? SWIFT Codes ka Matlab hai "Society for Worldwide Interbank Financial Telecommunication" aur ye ek machine hai jisay banks global use karte hain taake worldwide economic transactions securely aur correctly complete kiye ja saken. SWIFT Codes banks aur monetary institutions ke liye bohat ahem hotay hain, aur inka category aur significance area of interest 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 monetary institution ka specific hota hai. Ye code bank ko discover karta hai aur transaction ko sahi jagah pohanchane mein madadgar hota hai. 2.SWIFT MT Codes: Yeh codes SWIFT community ke andar different sorts ke monetary messages aur instructions ko classify karne ke liye istemal hotay hain. For example, MT103 message is used for single client credit score switch at the same time as MT202 is used for bank-to-bank transactions. 3. SWIFT MICR Codes: Some nations use Magnetic Ink Character Recognition (MICR) codes at the side of SWIFT for processing checks. These codes are used for figuring out bank branches. Importance (Ahmiyat) of SWIFT Codes: 1.International Transactions: SWIFT Codes ka sab se bara faida ye hai ke ye worldwide transactions ko asani se technique karne mein madadgar hotay hain. Ye codes banks ko allow karte hain ke wo transactions ko securely aur correctly manner kar saken. 2.Transaction Tracking: SWIFT Codes ke zariye banks transactions ko music karte hain. Is se consumer 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 financial institution ka specific 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 international banking community hai, is liye ye banks ko connect karta hai aur unko international economic conversation ke liye ek platform deta hai. 5.Regulatory Compliance: SWIFT Codes regulatory compliance aur anti-cash laundering (AML) ke liye bhi ahem hotay hain. In codes ke istemal se economic institutions without difficulty tune kar sakti hain ke kis tarah ke transactions ho rahe hain.