BIC
Bank Identifier Code
An 8 or 11-character code that identifies banks and financial institutions globally for SWIFT messaging.
BIC codes, also known as SWIFT codes, are assigned by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The code structure includes a four-character bank code, two-character country code, two-character location code, and an optional three-character branch code. BICs are essential for international wire transfers and SWIFT messaging between financial institutions. They ensure that payments reach the correct bank and branch, reducing errors and delays in cross-border transactions. The system covers over 11,000 financial institutions in more than 200 countries and territories, making it the backbone of international banking communications.
Example
CHASUS33 (JPMorgan Chase, New York) — CHAS (bank) + US (country) + 33 (location)