BIC
Business Identifier Code. See official source.
Definition
BIC — Business Identifier Code, 8 or 11-character alphanumeric identifier assigned by SWIFT and standardised by ISO 9362. Identifies a financial institution worldwide.
Origin
Standardised by ISO 9362 (originally 1973, last revised 2022). SWIFT, as the Registration Authority, allocates codes and publishes the BIC directory.
Use
The BIC appears in the EDIFACT FII (Financial Institution Information) segment alongside the IBAN. The BIC allows a SEPA payment to be routed even when the IBAN doesn't make the bank human-readable.