Half Crazy Runner Posted July 29, 2017 Report Share Posted July 29, 2017 1 hour ago, brob said: Hey Half Crazy Runner, I don't know a whole lot about it either so I wenna looken. I know the IBAN numbers popped up in my Warka account around last October (more or less) and now Master Yota brings us this. Here's what Investopedia says: What's the difference between an IBAN and a swift code? By Investopedia.com Share A: The main difference between an International Bank Account Number (IBAN) and a Society for Worldwide Interbank Financial Telecommunication (SWIFT) code lies in what they identify. A SWIFT code is used to identify a specific bank during international transaction, whereas IBAN is used to identify an individual account involved in the international transaction. Both play an essential role in ensuring the smooth running of the international financial market. Prior to the introduction of these identification methods, there were no internationally-recognized, standardized methods of identifying bank accounts. The information that one country used to identify the bank and individual account was not necessarily recognized by the receiving country. Lack of standard practice meant there was no way to ensure that the information entered was correct. As a result, payments could theoretically be made to the wrong people or organizations. Similarly, payments could be delayed while the identifying details were confirmed. Missed, delayed and mistaken payments caused additional costs to both sending and receiving banks. According to the European Payments Council, standardization was first introduced in 1997 with the publication of ISO 136:1997. However, concerns were raised, mainly by the European Committee for Banking Standards, that there was too much flexibility within the proposed standards. The reworked version of the standard included a ruling that required the IBAN for each country to be a fixed length. It also stipulated that only upper case letters could be used within the IBAN. An IBAN allows for easy identification of the country the bank is situated in and the account number that is the recipient of the money transfer. The IBAN also acts as a method of checking that the transaction details are correct. This method of checking and identification is used within all European Union countries and the majority of other European countries. Exceptions to this, as of 2014, are Russia, Belarus, Ukraine and Armenia. Canada and the United States of America are two major countries that do not use the IBAN system. However, they recognize the system and process payments according to the system. The SWIFT system predates attempts to standardize international banking transactions through IBAN. It remains the method by which the majority of international fund transfers are made. One of the main reasons for this is because the SWIFT messaging system allows banks to share a significant amount of financial data. This data includes the status of the account, debit and credit amounts, and details related to the money transfer. Banks often use the Bank Identifier Code, more commonly recognized as BIC, instead of the SWIFT code. However, the two are easily interchangeable; both contain a mix of letters and numbers and are generally between eight and 11 characters in length. Being able to access both of these identifiers is essential to ensuring a quick and successful international transfer. The identifier required by the bank depends on the bank being used, the recipient's bank and the countries in which the transfer is originated and received. However, without either, the chances of the transfer being completed successfully diminish considerably. Read more: What's the difference between an IBAN and a swift code? | Investopedia http://www.investopedia.com/ask/answers/100214/whats-difference-between-iban-and-swift-code.asp#ixzz4oFDuqgqu Thanks so much for the info brob!! 👍 3 Quote Link to comment Share on other sites More sharing options...
SnowGlobe7 Posted July 29, 2017 Report Share Posted July 29, 2017 interesting.....if they had these numbers in the past have they changed?? 1 1 Quote Link to comment Share on other sites More sharing options...
presence Posted July 29, 2017 Report Share Posted July 29, 2017 Thanks Synopsis for pointing out the facts you did, and thank you Brob for the investopedia link and info. I spent time working in mutual fund accounting years ago, and SWIFT codes and IBAN's were required for international and domestic trades. Essentially, it was impossible for a bank to 'play in the mutual fund game' unless they had these. Aetna insurance had small medium and large cap funds- the latter were in the billions as far as portfolio net worth. Iraq is obviously disclosing this information for a reason - and the other agreements in banking recently posted between Iraq and Britain are definitely connected to these updates. Go RV!!! 7 Quote Link to comment Share on other sites More sharing options...
Synopsis Posted July 29, 2017 Report Share Posted July 29, 2017 1 hour ago, Half Crazy Runner said: Thank you so much for the detailed information!! Most helpful indeed! I'm probably over optimistic too, but it's more fun than being a pessimist 😄 This dinar adventure has been like a trip to a Vegas casino, the hopes & dreams of striking it rich are worth the entertainment value! So, here's to big dreams! 🥂 Have a great weekend yourself!! And, Go Moola Nova! Half Crazy Runner! 2 minutes ago, presence said: Thanks Synopsis for pointing out the facts you did, and thank you Brob for the investopedia link and info. I spent time working in mutual fund accounting years ago, and SWIFT codes and IBAN's were required for international and domestic trades. Essentially, it was impossible for a bank to 'play in the mutual fund game' unless they had these. Aetna insurance had small medium and large cap funds- the latter were in the billions as far as portfolio net worth. Iraq is obviously disclosing this information for a reason - and the other agreements in banking recently posted between Iraq and Britain are definitely connected to these updates. Go RV!!! Presence and Thank You for sharing your valued perspective from Your work experience! 3 Quote Link to comment Share on other sites More sharing options...
DinarThug Posted July 29, 2017 Report Share Posted July 29, 2017 (edited) 8 hours ago, yota691 said: SWIFT and BIC Code of Iraq Forget The Code - What They Need Is A SWIFT Kick In The A5$ ! Edited July 29, 2017 by DinarThug remove explicit word 7 Quote Link to comment Share on other sites More sharing options...
navira45 Posted July 29, 2017 Report Share Posted July 29, 2017 This is good news...*****-slap them with swift and bic code Quote Link to comment Share on other sites More sharing options...
Freedomwish Posted July 30, 2017 Report Share Posted July 30, 2017 8 hours ago, ladyGrace'sDaddy said: NOOOOOOOOOO! Say it ain't so. HAHAHAHAHAHAHAHAHA!! Yup, you know me too well dude, here's looking to meeting ya and everyone else on the other side when this RV pops! 3 Quote Link to comment Share on other sites More sharing options...
cws Posted July 30, 2017 Report Share Posted July 30, 2017 14 hours ago, ladyGrace'sDaddy said: NOOOOOOOOOO! Say it ain't so. Is it just me or does this big emoji look like Michael Strahan?? 2 Quote Link to comment Share on other sites More sharing options...
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