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BIC Code
(Business Identifier Code)
BIC Code (Business Identifier Code) is another name for the SWIFT Code, the standard format for identifying banks in international transactions. These codes are maintained by SWIFT (Society for Worldwide Interbank Financial Telecommunication) and are essential for processing cross-border payments.
A BIC/SWIFT Code contains 8-11 characters that identify the bank, country, location, and sometimes specific branch. For example, a U.S. bank might have a BIC like CHASUS33XXX (for JPMorgan Chase). These codes work alongside IBANs to ensure accurate routing of international wire transfers and are particularly important for FX transactions and corporate treasury operations.
A BIC/SWIFT Code contains 8-11 characters that identify the bank, country, location, and sometimes specific branch. For example, a U.S. bank might have a BIC like CHASUS33XXX (for JPMorgan Chase). These codes work alongside IBANs to ensure accurate routing of international wire transfers and are particularly important for FX transactions and corporate treasury operations.