BIC (Bank Identifier Code)

BIC, which stands for Bank Identifier Code, is a standardized international code that identifies individual banks and financial institutions globally. It is often referred to as a SWIFT code or SWIFT address, as it is administered by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The BIC is used in international financial transactions to ensure that funds are transferred to the correct institution, playing a crucial role in the smooth processing of cross-border payments, wire transfers, and other forms of international banking communication. Typically consisting of 8 or 11 characters, the BIC helps to pinpoint the exact location of a bank, including the country, city, and specific branch, facilitating accurate and secure financial communications and transactions worldwide.