SWIFT - IBAN - ABA Routing Code

Society for Worldwide Interbank Financial Telecommunication (Swift)
  • The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions.
  • SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are popularly known as "SWIFT codes".
  • 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.

International Bank Account Number :

  • The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders.
  • It was originally adopted by the European Committee for Banking Standards, and was later adopted as an international standard under ISO 13616:1997 and now as ISO 13616:2007.
  • The official IBAN registrar under ISO 13616:2003 is SWIFT and the IBAN registry is currently at SWIFT.
  • Every bank account in a participating EU/EEA country has an associated BIC + IBAN, which is clearly identified and printed on all bank account statements issued after July 2003.

ABA Routing Code :

  • The ABA Routing Number, (a.k.a. ABA number; Routing Transit number) devised by the American Bankers Association (ABA) in 1910, has served to identify the specific financial institution responsible for the payment of a negotiable instrument.
  • Originally designed to identify only check processing endpoints, the ABA Routing Number has evolved to designate participants in automated clearinghouses, electronic funds transfer, and on-line banking.
  • An ABA Routing Number will only be issued to a Federal or State (US) chartered financial institution which is eligible to maintain an account at a Federal Reserve Bank.

6 comments:

  1. A SWIFT code is an identification code given to every bank in the world. These codes are used when transferring money between banks. I like your post very much. Thanks.

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  2. So much information about bank codes. It is very important that you must know Swift Code to transfer money online.

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  3. Hello....
    I'm new at the SAP world...

    Where should I put the ABA when i register the somebody's bank account or in the FI01???

    The ABA is created for Bank (bank of america, etc) or for eache office across the country? (chase phoenix, chase nogales, etc).

    I created some Mexican banks, 1 japanese bank, but no problem because they used SWIFT, but my trouble are de USA bank with the ABA....

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  4. I have the same problem with this ABA. Any news about this topic?

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  5. use "Bank Key" option for ABA

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  6. It's important for companies now to know how to use Iban, Swift and SEPA

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