SWIFT (Society for Worldwide Interbank Financial Telecommunication), in its role as ISO registration authority, issues BICs to financial and non-financial institutions, which is why the terms SWIFT and BIC are often used interchangeably. The latter is popular amongst importers and exporters and is an informal usage of the more popular BIC code as used by the financial services industry.
BIC is the International Standard ISO 9362:2014 and is used for addressing messages, routing business transactions and identifying business parties.Ī BIC Code (Business Identifier Code) is also commonly referred to as a SWIFT Code, SWIFT ID, SWIFT-BIC or SWIFT address.
The SWIFT Code is a standard format for Business Identifier Codes (BIC) and it is used to uniquely identify banks and financial institutions globally. They replace the National Sort Code (NSC) and account number as the main payment identifiers when making SEPA payments, either by direct credit or direct debit. This article will answer these questions and discuss related terms used in the transfer of funds domestically and internationally.įollowing the implementation of SEPA in February 2014 an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC) are now required in order to make and receive euro electronic payments. These terms represent essential components in the transfer of funds between financial institutions – but what are they and when should they be used? If you have made or are about to make an international money transfer either through your bank or with a payment specialist like Fexco Corporate Payments, you will probably be familiar with terms like SWIFT code, BIC code and IBAN number.
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