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When you initiate a transaction, such as a direct deposit or a wiretransfer, the routing number determines which financial institution should receive the funds. ACH transactions: ACH transactions, such as utility payments or transfers between accounts, use routing numbers to identify the payment’s origin and destination.
Additionally, an international transfer may require other details like full name and address. On the other side of the transaction is the correspondent bank which uses the SWIFT messaging network to convey the request. Is SWIFT Code the Same as IBAN Code? Do All Financial Institutions Have Access to the SWIFT System?
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