BIC (Bank Identifier Code) or SWIFT Code

The BIC (Bank Identifier Code) or SWIFT Code is the international banking identification code. It is used at a global level. It is made up of 8 or 11 characters (4 indicating the bank code, 2 the country, 2 the locality, and 3 the branch code). This code is required to send and receive messages such as transfers, import and export remittances, documentary or letters of credit, guarantees, etc.

SWIFT

SWIFT (The Society for Worldwide Interbank Financial Telecommunications) was created in 1973 in Brussels, supported by 239 banks from 15 countries, with a view to creating a system for the transmission of secure messages about international financial transactions. This society currently encompasses 7600 financial entities with an average daily volume of 10 million messages.