What is Bancassurance?
• Bank + insurance = bancassurance
• Bancassurance simply means selling of insurance products through banks.
• It is basically a partnership or relationship or tie-up between a bank and an insurance company, whereby the insurance company uses the bank sales channel in order to sell insurance products and expand its market reach customer base.
• It benefits banks, as they earn risk-free free-based income because insurance companies pay some amount to the banks.
![What is Bancassurance?](https://frontlinesmedia.in/wp-content/uploads/2020/04/Bancassurance-banking-study-material-and-notes-500x383-1-300x230.jpg)
Three types of insurance products can be sold by banks. They are
1. Life insurance
2. Health insurance
3. General insurance
Swift Code Explained
• SWIFT stands for  SOCIETY FOR WORLDWIDE INTERBANK FINANCIAL TELECOMMUNICATION.
• It is a cooperative society established in 1973  by Carl Reuterskiöld who is the CEO of Belgium based society for worldwide interbank telecommunication.
• It operates in more than 239 countries in the world at present.
• It provides a network that enables financial institutions to send and receive information about financial transactions in a secure, standardized and reliable environment.
• For money transfer – based transactions, SWIFT assigns each participating member with a unique code commonly known as SWIFT CODE.
• Prior to the SWIFT CODE, there was TELAX.
                  COMMUNICATING THROUGH SWIFT AND
NEWYORK BANK —————————— —————————— ————> SBI BANK
                  TRANSFER MONEY THROUGH SWIFT CODE
The banks will generate the SWIFT CODE.
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SWIFT CODE / BANK IDENTIFIER / ISO 9362
• It is 8 or 11 characters unique code which is allotted by SWIFT to every financial organization.
• The 11 characters represent as follows
• The first 4 characters represent the bank name (always alphabetical).
• The next 2 characters represent the country’s name (always alphabetical)
• The next 2 characters represent location or city code (alphanumerical)
• The next 3 characters (optional) represents branch code (alphanumerical)
• It is also used in wire transfers(means a manual form of sending or transferring money).