BIC (Business Identifier Code)

A BIC (Business Identifier Code), also known as a SWIFT code, is a unique alphanumeric identifier used internationally to identify specific banks or financial institutions. It ensures secure and accurate electronic communication between banks when processing cross-border transactions. The code typically includes information about the bank, country, location, and branch, aiding in swift and precise identification. BICs are essential for international banking operations, facilitating efficient global transactions and reducing errors.