JOHN CHARLES SMITH or ABC COMPANY LTD.
IBAN, BIC and SWIFT explained
In brief: SWIFT bank transfers are available worldwide; SWIFT codes are similar to BIC. Despite the delays, the FSA says that firms that wish to continue with their AII implementation projects may submit their AII transaction reporting flow to their ARMs in the interim. For example, DEUTDEFF500 would direct the payment to an office of Deutsche Bank in Bad Homburg.
IBAN will be progressively introduced in most OECD countries to allow Straight Through Processing of cross border payments.
| Country | City | Bank Name | Branch | SWIFT |
|---|---|---|---|---|
| Iceland | Hafnarfjordur | SPH | SPH | SPPHISR1XXX |