The swift code evercnbjwh1 is for China Everbright Bank, Wuhan branch in Wuhan, Hubei Province, China. Swift codes all follow a standard format for the identification of financial institutions worldwide. EVER stands for the first four letters for China Everbright Bank, CN for China, and BJWH1 for Wuhan branch.
Wire transfers internationally use swift codes to facilitate the secure and efficient routing of funds. In 2023, a report identified that over 70% of cross-border payments use the swift network, which connects over 11,000 financial institutions across more than 200 countries. Swift lookup evercnbjwh1 registration provides compliance to satisfy international banking regulations, allowing hassle-free transactions for corporate customers as well as individuals.
Processing time of transactions varies according to the banking network. Transactions carried out through swift lookup evercnbjwh1 take 1 to 3 business days, depending on intermediary banks and regulatory processes. Swift transfers are 40% quicker in settlement duration compared to non-swift transfers that take 5 days or more. Swift transfers are also subjected to stringent security checks.
China Everbright Bank manages over $1 trillion in total assets, making it one of China’s largest financial corporations. The Wuhan branch, registered as swift lookup evercnbjwh1, operates corporate banking, trade finance, and cross-border remittance business, targeting corporations dealing with foreign trade. Following enhanced emphasis on e-banking, Everbright Bank integrates swift messaging with blockchain monitoring of transactions for greater efficiency and clarity.
Compliance with regulations enhances the reputation of the banks based on swift codes. Swift registration financial institutions must comply with AML (Anti-Money Laundering) and KYC (Know Your Customer) policies. Financial Action Task Force (FATF) enforces compliance by requiring China Everbright Bank, among others, to have in place strong security controls that deter fraud and money laundering activities.
Cross-border businesses and expatriates depend on high-value payments via fast transactions. An empirical investigation of international trade in 2022 determined that 87% of multinationals use swift-enabled banking services, a sign of their dependability. By 2030, experts predict that swift-based transactions will exceed $200 trillion in the volume of international payments, further entrenching its position as a prominent financial infrastructure leader.
Warren Buffett once stated, “Risk comes from not knowing what you’re doing.” Secure banking systems like swift lookup evercnbjwh1 provide a trusted mechanism for handling cross-border transactions, reducing financial risk for businesses and individuals. The registration of this swift code in Wuhan, China, ensures accurate and efficient international fund transfers through China Everbright Bank’s well-established financial network. More details on secure global transactions can be found at BiyaPay.