INDEXO Bank has joined SWIFT, the international network of financial messages, and the new bank’s BIC (Bank Identifier Code) for transactions will be IDXOLV22. This also means that INDEXO Bank’s IBANs (International Bank Account Numbers), which are the basis of all bank money transfers, will be structured as follows: LVxxIDXOxxxxxxxxxxxxx.
Joining SWIFT, the BIC code and IBAN account number are integral parts of any bank’s operations and ensure payment functionality.
“Each day, the new INDEXO Bank takes more concrete form. All primary services for individuals, the bank’s app, and essential banking processes have already been developed. We have also finalized the designs for key products, including the look of our bank cards. Currently, and over the coming months, we will continue to test all aspects of the bank’s operations, bringing us closer to our launch this summer,” says Valdis Siksnis, one of INDEXO’s founders and the chairman of the new INDEXO Bank’s board.
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, was established in 1973 to introduce a unified and standardized system for the exchange of banking transaction information. Today, more than 11,000 financial institutions worldwide use the SWIFT system.
