what is bic or swift code

A BIC (Business Identifier Code) or SWIFT code is an international standard for identifying business institutions, particularly in the context of financial transactions. It is used to identify banks and financial institutions globally, facilitating the transfer of money between banks and the exchange of messages between them. The code consists of 8-11 characters and includes the bank code, country code, location code, and branch code. BICs are used for addressing messages, routing business transactions, and identifying business parties. They are essential for international wire transfers, SEPA payments, and other forms of international banking transactions. The terms BIC and SWIFT code are used interchangeably, and they are issued and managed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) .