A Bank Identifier Code (BIC), also known as a SWIFT code, is a unique alphanumeric identifier assigned to banks and financial institutions worldwide. The BIC is used to standardize and facilitate secure and accurate international financial transactions. Each BIC consists of eight to eleven characters, where the first four letters represent the bank code, the next two letters represent the country code, the following two characters represent the location code, and the optional last three characters specify the branch code. By providing a standardized way to identify financial institutions, the BIC ensures that payments, transfers, and other financial messages are routed correctly and efficiently through the SWIFT network or other international payment systems. This code is essential for cross-border transactions, ensuring that funds are directed to the correct institution and account.
