What does BIC stand for?
BIC is the abbreviation for Business Identifier Code or Bank Identifier Code.
The BIC is an alphanumeric code used to uniquely identify payment service providers. It consists of either eight or eleven characters. The first four characters are freely chosen by the payment service provider and often include an abbreviation of its name. The next two characters represent the country code (e.g. DE for Germany), followed by two characters for the location code (e.g. BE for Berlin). Optionally, three additional characters may indicate a branch or department.
Where is the BIC used?
It is used in the SWIFT payment network for international transactions. Since 2016, it is no longer required for euro payments within the EU.