What are Bank Codes?
Bank Codes (also known as Clearing Codes or Routing Codes) are used to route payments between banks within their respective countries and clearance organisations. Bank clearing and routing codes are assigned by a country’s Central Bank, Bank Supervisory Body or Banking Association to all its licensed member banks, with the name and format varying significantly from country to country.
Examples include North America’s 9-digit Routing Transit Number (RTN), the United Kingdom’s 6-digit Sort Code, Germany’s 8-digit Routing Code, and Canada’s 8-digit Bank Transit Number.
To facilitate cross-border payments, Banker Almanac Payments Solution supplies Bank Clearing Codes for 196 countries and territories. By continually monitoring changes within the clearing networks, Bankers Almanac provides its clients with comprehensive, accurate and relevant clearing code coverage, facilitating the drive towards electronic fund transfers and their diversifying business needs within this rapidly changing market.