BIC stands for Business Identifier Code.
Previously, BIC was known as Bank Identification Code, or Bank Identifier Code. It is a unique code that identifies banks and financial institutions globally. The code consists of either 8 or 11 alphanumeric characters, assigned to every bank and financial institution.
Here's a breakdown of the key information:
- Definition: BIC stands for Business Identifier Code.
- Previous Names: Formerly known as Bank Identification Code or Bank Identifier Code.
- Purpose: Identifies banks and financial institutions worldwide.
- Structure: An 8- or 11-character alphanumeric code.
