SWIFT CODE within the context of international payment transactions is a code issued by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) that enables banks worldwide to be identified without the need to specify an address or bank number. SWIFT codes are used mainly for automatic payment transactions!!
Your vote on this answer has already been received
SWIFT code (ISO 9362) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. When assigned to a non-financial institution, a code may also be known as a Business Entity Identifier or BEI. These codes are used while transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks.