Decoding BIC - Bank Identifier Code
BIC is an abbreviation commonly used in banking and finance that stands for Bank Identifier Code.
What is a Bank Identifier Code?
A Bank Identifier Code or BIC is an alphanumeric code that uniquely identifies a specific financial institution for the purpose of international transactions.
BICs are used to route money transfers between banks and businesses across borders. The BIC links the account information with the institution details.
Key Details of a BIC:
8 or 11 digit code assigned to each bank
Consists of a bank code, country code, location code and branch code
Operated under the ISO 9362 standard
Maintained by SWIFT, a global banking network
Enables automated sorting and pre-validation of transactions
Abbreviated format of a Business Identifier Code (BIC)
Uses of BIC:
Identifying beneficiary and intermediary banks for wire transfers
Confirming accurate destination of fund transfers
Minimizing errors and delays in cross-border payments
Processing payments within financial transaction messages
Linking cross-border trade documents like invoices
Including the BIC along with the account number provides an added layer of validation and speeds up worldwide bank transactions.
In summary, a Bank Identifier Code or BIC serves as a unique address to correctly route and process international banking transactions.
192.168.0.1
192.168.1.1
10.10.0.1
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