Internasional Indonesia Bank or Bank Internasional Indonesia ( BII) is an Indonesia-based commercial bank that offers various banking and financial services in different parts across the globe. It offers various services in commercial banking, corporate banking, trade services, asset and wealth management etc. It is also the only Indonesian bank that operates in India.
Founded in 1959 and headquartered in Jakarta, BII is regarded as one of the strongest and popular banking institutions. Maybank is its parental organization. BII has a network of about 400 branches and 1300 ATMs operating across the world.
Over the years, BII has taken help of timely technological developments to ensure the best possible service to its customers and to smoothen the way of business processing. As a part of this strategy, BII has registered itself for the IFSC code in India.
IFSC is the abbreviated term for Indian Financial System Code. RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer) are the two main systems that are used for payment and settlements purposes in India. IFSC code is allotted to each branch of every bank in order to confirm their participation in these two systems.
IFSC is a standardized code used by the Reserve Bank of India. Each IFSC code uniquely identifies one branch of a bank. Therefore, it varies from bank to bank, and branch to branch.
This is a code that consists of 11 alphanumeric characters. IFSC code includes 4-characters alphabetic bank code (in this case, this code is: IBBK), followed by one numeric digit “0” (zero), and 6-characters unique branch code.
Each BII bank is attributed with unique Bank Internasional India IFSC Code. BII has incorporated this code in their banking network in order to confirm itself as a registered member of Reserve Bank of India. The bank uses this code for smooth and legitimate service in interbank money transfer.
IFSC code is essential in case of electronic money transfer. It helps a BII consumer to remit money to an account of any other branch of any other bank from anywhere with the help of online fund transactions.
According to the standardized norms, when a person wants to transfer funds from a BII account to any other bank account, he is usually asked to provide the Bank Internasional Indonesia IFSC Code of the branch which his bank account is associated to.
During the interbank transfer, IFSC code allows the transferring authority to analyze and validate some specific data of the transferring BII branch and the receiving bank branch. Electronic fund transfers are authorized and allowed only after properly cross-checking and validating the credentials extracted from the BII IFSC code.
These IFSC codes are really helpful for fast and secure funds transfer. It allows the BII branch and the other banking branch to exchange certain messages and data related to financial statements.
Since incorporating IFSC codes to each of their branches, BII has successfully enhanced the level of their services and satisfied the consumers in case of electronic interbank transfers. BII has become one of the established and reputed banks of India. Incorporation of IFSC codes will surely help the BII to achieve new heights of success.