Question
Swift Code is a standard format of Bank Identifier
Codes (BI3) and it is unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them. The Swift code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office. The code formatted as below: AAAA BB CC DDD First 4 characters (AAA1) - bank code (only letters) Next 2 characters (B2) - ISO 3166-1 alpha-2 country (only letters) Next 2 characters (C3) - location code (letters and digits) (passive participant will have "1" in the second character) Last 3 characters (DD4) - branch code, optional ('XXX' for primary office) (letters and digits)Solution
CLS plays a fundamental role in the foreign exchange (FX) market – it operates the largest multicurrency cash settlement system to mitigate settlement risk for the FX transactions of its Members and their customers. Owned by the world's leading financial institutions, CLS settles payment instructions relating to underlying FX transactions in 18 major currencies and certain other transactions that result in one-way payments in a subset of those currencies.
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