Bank Identifier Code (BIC)

A Bank Identifier Code (BIC), also known as a SWIFT code, is a unique alphanumeric identifier used internationally to identify a specific bank or financial institution during cross-border transactions. It ensures that money transfers reach the correct bank by providing precise details about the institution’s country, city, and branch. BICs facilitate secure and efficient global banking communication, acting like a digital address for banks in the international financial network. This standardized code is essential for international wire transfers, ensuring accuracy and speed in processing transactions between banks worldwide.