Business, Legal & Accounting Glossary
BIC. Series of codes developed by the International Organization for Standardization (ISO) to identify banks and their branches. These codes are generally only used by financial institutions, to conduct business between banks, such as wire transfers. A BIC code can be either 8 or 11 digits long; 8 digits would refer to a primary office of a bank, while an 11 digit code would refer to a specific branch location. The code specifies the bank, country, specific location (such as city), and branch. See bank identification number (BIN). also called SWIFT codes, SWIFT ID, ISO 9362.
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This glossary post was last updated: 20th November, 2021 | 0 Views.