Business Identifier Code (BIC)
The bank identification number is represented as a specific numeric sequence that is related to each banking affiliation operating within various territories. This numerical combination is exceptional and easy to write, so there is no risk of misspelling the name, or punctuation marks. So, when making payments, firstly digital information is handled, and the written name of the office is considered as an additional element.
In fact, a BIC code serves as a passport number of the accounting department of the institution that can be distinguished from another one by indicating this number when executing a transaction.
It should be also indicated that BIC is assigned to each banking facility in the individual format.
A specific structure of the code BIC includes the following elements (ten numbers), such as:
- a few numeric symbols signify the country code;
- two numbers that indicate the regional code of the country.
- symbols that signify the Bank’s department number in the payment processing network.
- the last ones relate to a specific financial organization.