BIC Definition.
Business Identifier Code (ISO 9362), also called the SWIFT code: an 8- or 11-character identifier for a financial institution (bank, country, location, branch). It routes messages over the SWIFT network and historically accompanied the IBAN in SEPA. Since the “IBAN only” rule (2016), it can no longer be required for SEPA payments.
See also
Where this term appears
GuideAgents, distributors, and banking-as-a-service: who is liable for whatGuidePayments in GermanyGuidePayments in the BalkansGuidePayments in Germany, Austria, and SwitzerlandGuideWhat a payment service provider must reportGuidePayments in Central and Eastern EuropeGuidePayments in France’s overseas territoriesGuidePayments in Russia and the CISGuidePayments in the Mekong region: Cambodia, Laos, and MyanmarGuidePayments in South AfricaGuidePayments in Portuguese-speaking and southern AfricaGuidePayments in West and Southern Africa