Your bank uses the code to identify the receiving bank. It then sends a SWIFT message to the receiving bank. Your bank will use its own SWIFT or BIC code to identify itself and request the ...

The Central Bank of Nigeria, CBN, has uncovered a fresh fake SWIFT message scheme and warned Nigerians and the general public against falling victim to fraudsters. The spokesperson of the apex ...

But Swift is not your traditional High Street bank. It is a sort of instant messaging system that informs users when payments have been sent and arrived. It sends more than 40 million messages a ...

On March 16, financial communications platform SWIFT announced it would disconnect the last four remaining North Korean banks on its system. The decision was taken after Belgian regulators threatened ...