Supplier Bank setup Queries

[anjan123]

Hi ,


I have following queries in Bank Setup.


1. Swift Code, what use of swift code?

2. What is BIC, what is the use of BIC?

3.Branch type(ABA,CHIPS, OTHER,SWIFT) what is use of these branch type?

4.what is IBAN Number, what is the use of this ?

Regards
Anjan

[oteixeira]

Hello Anjan.

IBAN. International Bank Account Number. The IBAN is an international standard that uniquely identifies the account number of a bank's customer. It is used in euro-zone countries to help ensure error-free cross-border payments. The IBAN is validated upon entry. If you provide the IBAN on your supplier's bank account, we recommend that you also provide the BIC for that supplier's bank branch.

Bank Branch Type. Payables predefines the following Bank Branch values that you
enter in the Banks window: ABA, CHIPS, OTHER, SWIFT.

BIC. Bank Identifier Code, also known as a SWIFT code. Identifies a bank or bank branch
for electronic funds transfers and wire transfers.

Hope this helps,
Octavio

[rajib.banerjee]

Branch type(ABA,CHIPS, OTHER,SWIFT) what is use of these branch type?

[karthikeyanp1981]

ABA - http://en.wikipedia.org/wiki/Routing_tr ... management
CHIPS - http://www.investopedia.com/ask/answers/06/chipsuid.asp
SWIFT - http://en.wikipedia.org/wiki/Society_fo ... munication