Bank Code Verified

PSHBRUMM, SWIFT Code for INDUSTRIAL AGRICULTURAL BANK LIMITED (PROMSELHOZBANK LTD.), MOSCOW

Swift Code: PSHBRUMM

Bank: INDUSTRIAL AGRICULTURAL BANK LIMITED (PROMSELHOZBANK LTD.)

Address: MAGISTRALNY TUPIK , 1, 11

City: MOSCOW

Branch:

Postcode: 123290

Country: Russia

Anto Swift Codes: Advancing Global Banking

In today’s interconnected world, where financial transactions travel at lightning speed across borders, it’s essential to have a system in place that ensures secure and efficient transfers. This is where Swift codes come into play.

These unique identification codes serve as a crucial link between financial institutions around the globe, enabling seamless communication and facilitating international transactions. In this article, we will delve into the purpose and importance of Swift codes, exploring their role in the world of international banking.

What are Swift Codes and How do They Work? Swift stands for Society for Worldwide Interbank Financial Telecommunication.

Established in 1973, it is a cooperative society comprising over 11,000 financial institutions from around the world. Swift codes, also known as Bank Identifier Codes (BIC), are a set of alphanumeric characters assigned to each member institution.

These codes play a crucial role in identifying and routing transactions securely and accurately. The structure of a Swift code is standardized, consisting of eight to eleven characters.

The first four characters represent the bank code, providing basic information about the financial institution. The next two characters denote the country code, indicating the country in which the bank is located.

The following two characters are the location code, specifying the city or area where the institution’s head office is situated. Lastly, an optional three-character branch code may be present, further identifying a specific branch of the bank.

Let’s take a closer look at an example Swift code: PSHBRUMM. The first four characters, “PSHB,” identify the bank, which in this case is the Industrial Agricultural Bank Limited (Promselhozbank Ltd.).

The next two characters, “RU,” reveal that the institution is based in Russia. The remaining three characters, “MM,” represent the location code for Moscow.

The Role of Swift Codes in International Banking

In the ever-expanding realm of global finance, where vast amounts of money are exchanged daily, cross-border transactions can be complex and time-consuming. Swift codes simplify this process by providing a standardized format for identifying and routing funds accurately.

Let’s explore the importance of Swift codes in facilitating secure and efficient international banking. 1.

Global Connectivity: Swift codes establish a critical link between financial institutions, enabling them to communicate, exchange information, and conduct transactions seamlessly. With a robust network of member institutions worldwide, Swift codes ensure that banks can connect with one another swiftly and reliably, regardless of geographical barriers.

2. Reliable Transaction Routing: When transferring funds internationally, it’s essential to route the transaction correctly.

Swift codes play a vital role in ensuring that funds reach the intended recipient swiftly and accurately. By incorporating the bank code, country code, location code, and optional branch code, Swift codes eliminate the ambiguity and confusion that may arise when identifying payment destinations.

3. Secure Messaging: Amidst the constant threat of data breaches and cyberattacks, the security of financial transactions is paramount.

Swift codes offer a secure messaging system that encrypts sensitive information, providing a highly secure channel for communication among member institutions. This ensures that confidential data remains protected, reducing the risk of fraudulent activities.

4. Compliance and Transparency: In an era of heightened regulatory oversight, financial institutions must adhere to strict compliance requirements.

Swift codes play a pivotal role in aiding regulatory transparency by providing important information about each member institution. This transparency assists in verifying the legitimacy of financial institutions and their compliance with international banking standards.

5. Efficiency and Cost-Effectiveness: Swift codes streamline the international payment process, making it faster and more efficient.

By eliminating the need for multiple intermediaries, funds can be transferred directly and swiftly between banks, reducing transaction costs and improving overall operational efficiency. It’s important to note that Swift codes are not intended for use by individuals or small businesses.

Instead, they are primarily utilized by major financial institutions and corporations engaged in international transactions. For individuals and smaller businesses, local banking codes, such as IBANs (International Bank Account Numbers), are typically used for domestic transactions.

Conclusion

In today’s globalized economy, where financial transactions transcend borders, the role of Swift codes cannot be overstated. These unique identification codes play a vital role in connecting financial institutions worldwide, facilitating secure and efficient international transfers.

With their standardized structure and robust network of member institutions, Swift codes ensure that funds are routed accurately and quickly. By offering a secure messaging system, compliance assistance, and cost-effective solutions, Swift codes have become an indispensable tool in the world of international banking.

So, the next time you’re involved in an international transaction, remember the little code that plays a big role in making it all happen the Swift code. Topic 3: Unveiling INDUSTRIAL AGRICULTURAL BANK LIMITED (PROMSELHOZBANK LTD.)

In the vast landscape of international banking, there are numerous financial institutions that contribute to the global economy.

One such institution is the Industrial Agricultural Bank Limited, also known as Promselhozbank Ltd. Despite its rather lengthy name, this bank plays a significant role in the Russian financial sector and has connections that extend far beyond the borders of the country.

In this section, we will delve into the background and operations of Industrial Agricultural Bank Limited, shedding light on its unique position in the global banking arena. About Industrial Agricultural Bank Limited (Promselhozbank Ltd.)

Promselhozbank Ltd., commonly referred to as Industrial Agricultural Bank Limited, is a prominent Russian bank that focuses primarily on providing financial services to the agricultural and industrial sectors.

Established in 1993, the bank has grown steadily over the years due to its specialized services and commitment to the development of these critical sectors in Russia. Headquartered in Moscow, Industrial Agricultural Bank Limited operates throughout the country, catering to the unique needs of its diverse client base.

Its strategic location in the capital city positions it at the heart of Russia’s thriving financial ecosystem, allowing the bank to forge connections with other major financial institutions and contribute to the country’s economic growth. As an institution catering to the agricultural and industrial sectors, Industrial Agricultural Bank Limited plays a vital role in supporting the development of these key industries in Russia.

The bank offers a wide range of financial services tailored specifically to the needs of agricultural and industrial businesses, including financing for production, investment projects, and working capital. By providing customized banking solutions, Industrial Agricultural Bank Limited facilitates the growth and expansion of these sectors while contributing to the overall economic stability of the country.

Given its commitment to sustainable development and environmental consciousness, Industrial Agricultural Bank Limited also plays an active role in promoting responsible practices within the agricultural sector. The bank incentivizes eco-friendly initiatives and supports projects that prioritize environmental sustainability.

By aligning its operations with these principles, Industrial Agricultural Bank Limited demonstrates its dedication to both economic development and environmental preservation. Industrial Agricultural Bank Limited is a member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a testament to its international standing and connectivity.

This membership allows the bank to utilize Swift codes, ensuring seamless communication and secure transactions with other financial institutions across the globe. The bank’s Swift code, PSHBRUMM, serves as a unique identifier, enabling prompt and reliable transfer of funds internationally.

With its strong reputation, commitment to specialized banking services, and dedication to sustainable development, Industrial Agricultural Bank Limited (Promselhozbank Ltd.) has cemented its position as a pivotal player in the Russian banking sector and beyond. Its contributions to the agricultural and industrial sectors, coupled with its international reach, make it a valuable institution in the global financial landscape.

Topic 4: Common Uses of Swift Codes

Swift codes have become an integral part of international banking, facilitating seamless communication and secure transactions between financial institutions across the globe. In this section, we will explore some of the common uses of Swift codes and how they benefit individuals and organizations engaged in international transactions.

1. International Wire Transfers: One of the most common uses of Swift codes is for international wire transfers.

When sending or receiving money from a foreign country, Swift codes ensure that funds are routed accurately to the intended recipient’s bank. By including the recipient bank’s Swift code in the transaction, individuals and organizations can have confidence that their funds will reach the correct destination quickly and securely.

2. Correspondent Banking: Correspondent banking involves a relationship between two financial institutions in different countries, where one acts as a correspondent bank, providing various services to the other.

Swift codes play a crucial role in facilitating these relationships by allowing financial institutions to identify and communicate with their correspondent partners accurately. This ensures efficient and secure transactions between banks, even when they are located in different countries.

3. Cross-Border Trade: Businesses engaged in international trade rely on Swift codes to facilitate smooth transactions.

Swift codes enable banks to communicate with each other and validate the authenticity of trade-related financial documents, such as letters of credit or bills of exchange. By verifying the legitimacy of transactions and coordinating payments, Swift codes streamline cross-border trade, reducing transaction costs and ensuring the smooth flow of goods and services across borders.

4. Foreign Currency Exchange: Swift codes also play a role in foreign currency exchange.

When exchanging currency at a bank or financial institution, Swift codes are used to route the transaction correctly, ensuring that the exchanged funds are deposited into the recipient’s account accurately. 5.

Financial Regulatory Compliance: Swift codes play a crucial role in ensuring compliance with financial regulations. Financial institutions are required to disclose their Swift codes when reporting international transfers and complying with anti-money laundering (AML) and know-your-customer (KYC) regulations.

This transparency helps regulatory authorities track funds and identify any suspicious or illegal activities, contributing to the overall integrity of the global financial system. 6.

Interbank Communication: Swift codes enable secure and efficient communication between financial institutions. Banks use Swift codes to exchange messages related to transactions, inquiries, and other financial services.

By adhering to a standardized messaging system, financial institutions can transmit and receive information swiftly and securely, minimizing errors and delays. In conclusion, Swift codes have revolutionized the landscape of international banking by facilitating secure and efficient cross-border transactions.

Whether it’s for international wire transfers, correspondent banking relationships, cross-border trade, foreign currency exchange, regulatory compliance, or interbank communication, Swift codes continue to play a crucial role in connecting financial institutions worldwide. As the global economy becomes increasingly interconnected, the importance of Swift codes in ensuring seamless financial transactions cannot be understated.

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