Chinatrust Commercial Bank (more popularly known as CTBC Bank) is one of the major Asian banks that has successfully spread their business across various parts of the globe. Established in 1966 and headquartered in Taipei (Taiwan), CTBC is determined to offer its customers with utmost comfort, variety, innovation and satisfaction through its wide range of services and products. It has a total of 147 branches in Taiwan and 68 other offices (2 in India) spread across the world.
CTBC mainly offers its services in the fields of corporate banking, Forex and trade finances. This bank also aims to develop domestic as well as international business policies with a number of countries so that their international consumers feel linked together. In order to achieve this feat, CTBC is always keen to adopt innovative solutions and path-breaking methods through the proper use of modern technology. As a part of this international business exposure and expansion, CTBC bank has successfully introduced SWIFT codes for its branches.
SWIFT codes are granted and standardized by Society for Worldwide Interbank Financial Telecommunication (established in 1973 and headquartered in La Hulpe, Belgium). Theses codes vary from one branch of a bank to the other one because each of these codes potentially identify only one branch of a bank.
Each branch is attributed with a SWIFT code that consists of 11 characters (both alphabetical and numerical). This code includes 4-characters bank code 9in this case, this code is: CTCB), 2-characters country code defined and standardized by ISO 3166-1 alpha-2, 2-characters location code, and 3-characters branch code. The inclusion of branch code is not mandatory in creating a SWIFT code. This is why SWIFT code is often identified as an 8-characters code.
CTBC Bank has incorporated SWIFT codes to its branches for the betterment of its services. Chinatrust Commercial Bank SWIFT code is intended for resolving and accelerating the process of international transfer of funds. According to the standardized norms, a branch of a bank must have legitimate SWIFT code in order to be seen as eligible for international fund transfers.
These codes have indeed helped CTBC bank to develop their services in the sector of international transfers, more specifically wire transfers. These codes are also used in the process of transferring or exchanging finance related messages and statements between banks. When a person applies for an international fund transfer through CTBC bank, the person is often asked to provide the Chinatrust Commercial Bank SWIFT code of that specific branch to which that person wants to transfer the funds.
During this transfer process, SWIFT code allows the transferring authority to identify and verify certain data about the CTBC branch. Wire transfers are made only after verifying the credentials extracted from SWIFT code. Therefore, these standardized codes are extremely helpful for proper, fast, and secure fund transactions on an international level.
Since the introduction of Chinatrust Commercial Bank SWIFT codes, consumers have really achieved satisfaction in their international dealings. Therefore, it provides the logical possibility that CTBC will emerge as a one of the major international banks, in the world, specialized in international business and policies.