Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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BIC
International bank code for cross-border transfers.
Identification in payment transactions
The ISO standard 9362 describes the emerging BIC (abbreviation for Business Identifier Code) for credit institutions for the identification of business locations in payment transactions. When used in SWIFT payment transactions, it is also called SWIFT-BIC. The use of the BIC facilitates automatic further processing, as every institution can carry out the bank identification.
The structure
4-digit bank code, freely selectable by the financial institution
2-digit country code according to ISO 3166-1
2-digit coding of the place in two characters.
3-digit identification (branch code) of the branch or department (optional).
2-digit country code according to ISO 3166-1
2-digit coding of the place in two characters.
3-digit identification (branch code) of the branch or department (optional).