SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is a recognition code for all the officially authorized banks in the world. It is essential for all kinds of International Wire Transfers. It is like an internationally accepted identification code for banks around the world. SWIFT codes comprises of 8 or 11 alphanumeric characters. The International Organization of Standardization (IOS) was the authoritative body that agreed on the formation of SWIFT codes.