Bank Code Verified







Postcode: 191119

Country: Russia

Title: The Swift Code: A Global Key to Secure and Efficient BankingIn the interconnected world of international finance, quick and secure transactions are paramount. Swift codes, also known as Bank Identifier Codes (BIC), play a crucial role in facilitating these transactions by ensuring accurate and efficient communication between financial institutions across the globe.

This article aims to provide a comprehensive understanding of Swift codes, their significance in international banking, and how they enable seamless transactions worldwide. So, let’s delve into the world of Swift codes and unlock the secrets behind their purpose and importance.

Topic 1: Anto Swift Codes:

Swift codes serve as unique identifiers for financial institutions, much like a fingerprint, allowing for precise identification when conducting international transactions. These codes consist of a combination of letters and numbers, each representing a specific piece of information.

Key points:

1. Swift codes are generated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a cooperative society facilitating secure messaging and data exchange between banks.

2. The code structure: The first four letters represent the bank’s code, followed by a two-letter country code, two-letter location code, and an optional three-letter branch code.

3. Purpose of Swift codes: They ensure faster, more accurate international transactions, enabling banks to identify the recipient’s financial institution and route funds accordingly.

The Role of Swift Codes in International Banking:

Topic 2: Connecting Finance Globally:

1. Enabling secure international transactions: Swift codes serve as the global “address” for financial institutions, ensuring secure and accurate communication between banking entities during international transfers.

2. Streamlining transaction processes: By standardizing communication protocols, Swift codes eliminate the need for manual intervention, reducing errors and transaction delays.

3. Easing compliance and risk management: Swift codes assist regulators in monitoring cross-border transactions, facilitating the detection of fraudulent activities and ensuring compliance with international regulations.

4. Swift network connectivity: Participating banks have a direct line of communication through the secure Swift network, enabling swift and reliable transmission of messages and instructions.

5. Global reach and coverage: Swift codes connect financial institutions worldwide, enabling seamless transactions across borders, time zones, and currencies.

The Importance of the Given Swift Code: JSNMRUMMSPB:


2. Addressing the branch: The code specifies the SAINT PETERSBURG BRANCH located at ZVENIGORODSKAYA STREET, 3, ST.

PETERSBURG, 191119, Russia. 3.

Connecting with other financial institutions: The given swift code allows the BANK OTKRITIE FINANCIAL CORPORATION to seamlessly communicate with counterpart banks, enabling efficient international transactions in St. Petersburg. Conclusion:

Swift codes serve as the linchpin of secure and efficient international banking.

By providing a standardized system for identifying and connecting financial institutions, Swift codes ensure accurate routing of funds across borders. Their significance lies in facilitating swift and secure transactions, streamlining processes, and promoting global connectivity.

With this knowledge, individuals and businesses can navigate the intricate web of international finance with confidence and ease. Topic 3: Unveiling BANK OTKRITIE FINANCIAL CORPORATION (PUBLIC JOINT-STOCK COMPANY)

BANK OTKRITIE FINANCIAL CORPORATION (PUBLIC JOINT-STOCK COMPANY) is a prominent financial institution based in Russia.

Established in 1993, the bank has grown to become one of the leading players in the Russian banking industry. Let’s take a closer look at the bank’s profile and understand its significance in the financial landscape.

1. Bank Profile:

– Founded on December 8, 1993, BANK OTKRITIE has gradually expanded its presence and offerings in the Russian market.

– As a public joint-stock company, the bank is listed on the Moscow Exchange, under the ticker symbol “OFCB.”

– With a strong focus on corporate and investment banking, the bank offers a diverse range of financial services to meet the needs of individual and business clients. – BANK OTKRITIE is licensed by the Central Bank of the Russian Federation, ensuring compliance with regulatory standards.

2. Financial Services:

– Corporate Banking: The bank provides comprehensive corporate banking services, including lending, trade finance, cash management, and treasury solutions.

These services cater to businesses of all sizes and help drive economic growth. – Investment Banking: BANK OTKRITIE offers investment banking solutions, including mergers and acquisitions, capital markets services, debt and equity placements, and advisory services.

These services support clients in accessing capital markets and optimizing their financial strategies. – Retail Banking: The bank offers various retail banking products and services, such as personal loans, mortgages, savings accounts, and credit cards.

These offerings aim to meet the financial needs of individuals and support their personal financial goals. 3.

Commitment to Innovation and Technology:

– BANK OTKRITIE is at the forefront of technological advancements in the banking industry. The bank leverages innovative solutions to enhance efficiency, security, and customer experience.

– Investing in digital transformation, BANK OTKRITIE offers online and mobile banking platforms, allowing customers to conveniently access and manage their accounts from anywhere at any time. – The bank prioritizes data security and employs robust measures to protect customer information and transactions, ensuring peace of mind for its clients.

4. Commitment to Corporate Social Responsibility:

– BANK OTKRITIE recognizes the importance of giving back to society and actively engages in corporate social responsibility initiatives.

– The bank supports various charitable organizations and community projects, focusing on education, healthcare, and environmental sustainability. – By contributing to social development, BANK OTKRITIE aims to create a positive impact and promote sustainable growth in the communities it serves.

Topic 4: Common Uses of Swift Codes

Swift codes play a vital role in international banking, facilitating seamless and secure transactions between financial institutions worldwide. Let’s explore the common uses of Swift codes and understand how they simplify international financial transactions.

1. International Wire Transfers:

– Swift codes are essential for initiating international wire transfers.

When sending funds from one country to another, the sender must provide the recipient’s bank with the correct Swift code. This ensures that the funds are routed accurately, reaching the intended destination safely and swiftly.

– Swift codes help minimize errors and delays in the transfer process, as they provide a standardized way of identifying financial institutions around the world. 2.

Interbank Communication:

– Financial institutions rely on Swift codes to communicate with each other efficiently and securely. Whether it’s requesting payment instructions or confirming account details, banks use Swift codes to exchange essential information required for successful transactions.

– By utilizing Swift codes, banks can streamline their communication processes, reducing manual intervention and mitigating the risk of errors. 3.

Currency Exchange:

– Swift codes are also utilized in foreign exchange transactions. When converting one currency to another, financial institutions use Swift codes to identify the relevant banks involved in the currency exchange process.

– This ensures that the correct exchange rate is applied and the funds are appropriately distributed to the respective banks involved in the transaction. 4.

Correspondent Banking:

– Swift codes play a crucial role in correspondent banking relationships. Correspondent banking allows smaller banks or banks in different countries to access financial services and complete transactions on behalf of their customers.

– In these relationships, Swift codes are used to identify both the originating bank and the correspondent bank, allowing for a smooth flow of funds and information between the two parties. 5.

Regulatory Compliance:

– Swift codes support regulatory compliance efforts, particularly in terms of anti-money laundering (AML) and know-your-customer (KYC) regulations. Financial institutions use Swift codes to conduct due diligence and verify the legitimacy of counterparties in cross-border transactions.

– These codes help in the identification of financial institutions involved in the transaction and assist authorities in monitoring and preventing illicit activities. In conclusion, Swift codes enable secure and efficient international banking by providing a standardized system for identifying financial institutions and facilitating accurate routing of funds.

BANK OTKRITIE FINANCIAL CORPORATION (PUBLIC JOINT-STOCK COMPANY) plays a significant role in the Russian banking landscape, offering a range of services and embracing technological advancements. By understanding Swift codes and their common uses, individuals and businesses can navigate the global financial landscape with confidence and efficiency.

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