In international bank transfers, the accuracy of SWIFT/BIC codes is paramount. For Finland’s prominent financial institution, SUOMEN PANKKI - FINLANDS BANK, the code SPFBFIHHCON serves as a vital identifier, ensuring secure and efficient cross-border transactions.
Decoding the Structure of SWIFT/BIC
The SWIFT/BIC code follows a standardized format composed of four key elements:
- Bank Code (SPFB): A 4-character identifier representing SUOMEN PANKKI - FINLANDS BANK.
- Country Code (FI): A 2-letter designation confirming the bank’s location in Finland.
- Location Code (HH): A 2-character marker indicating the bank’s headquarters.
- Branch Code (CON): The final 3 characters specify a particular branch, with "XXX" denoting the head office.
The 8-character SWIFT code for SUOMEN PANKKI - FINLANDS BANK is SPFBFIHH , while the branch-specific suffix CON points to its registered address at Snellmaninaukio in Helsinki.
Best Practices for Error-Free Transfers
To mitigate delays or failed transactions, senders must verify three critical details:
- Bank Name: Cross-check the recipient’s bank name against official records.
- Branch Specifics: When using branch-specific codes, confirm alignment with the recipient’s provided details.
- Country Accuracy: Given the global footprint of many banks, matching the country code is essential.
The Cost of Inaccuracy
Most international transfer issues stem from incorrect SWIFT/BIC codes, leading to unnecessary delays and additional fees. As cross-border transactions become increasingly routine, financial institutions like SUOMEN PANKKI - FINLANDS BANK emphasize robust verification protocols to streamline the process.