BIC meaning in Banking ?

Answer: What is Business Identifier Code mean?

ISO 9362 defines a standard format of Business Identifier Codes (also known as SWIFT-BIC, BIC, SWIFT ID or SWIFT code) approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. The ISO has designated SWIFT as the BIC registration authority. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.

The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN). The SWIFT network does not require a specific format for the transaction so the identification of accounts and transaction types is left to agreements of the transaction partners. In the process of the Single Euro Payments Area the European central banks have agreed on a common format based on IBAN and BIC including an XML-based transmission format for standardized transactions. TARGET2 is a joint gross clearing system in the European Union that does not require the SWIFT network for transmission (see EBICS). The TARGET directory lists all the BICs of the banks that are attached to the TARGET2-network being a subset of the SWIFT-directory of BICs.

reference

Full Form	Category
Blueprint For Interactive Classrooms	Academic & Science
Beginning Invested Capital	Accounts and Finance
Bank Identification Code	Accounts and Finance
Big Creek (ak)	Airport Code
Business Identifier Code	Banking
Bank Information Center	Banking
Bank Identifier Code	Banking
Best Interest Contract	Business
Business industry certification	Business
Bureau International des Containers	Business
Business And Innovation Centre	Business
Business Innovation Centers	Business
Built In Cupboards	Business
Behshahr Industrial Company	Business
Bank Investment Contract	Business
Benchmark Insurance Company	Business
Biron Capital Ltd	Business
Bruno Bich (shortened last name of the family who establishes the company)	Business
Business Integrity Commission	Business
Business Incubation Centre	Business
Building Industry Consultant	Business
Brookhaven Instruments Corporation	Business
Business Innovation Center	Business
Boron Interstitial Clusters	Chemistry
Bible Instruction Class	Community
Bronx Irish Catholic	Community
Because I Can	Community
Born In Covenant	Community
Bible Information Class	Community
Behavior Intervention Class	Community
Bit In Character	Computer Assembly Language
Broadband Interface Card	Computer Hardware
Business Information Collection	Computing
Bus Interface Chip	Computing
Billing Information Center	Computing
Binary Coded	Computing
Bus Interface Circuit	Computing
Barring Incoming Calls	Computing
Broadband Inter Carrier	Computing
Backplane Interface Card	Computing
Belt Integrated Computer	Computing
Behavior Intervention Classroom	General
Brothers In Christ	General
Believe It Comrade	General
Bahrain International Circuit	General
Bicolor	General
Bespoke Interior Charge	General
Blazer Indonesia Club	General
Buddh International Circuit	General
Bus Industry Confederation	General
Bus Industry Council	General
Beneficiary Identification Code	General
Busan Indie Connect	General
Borg Internment And Containment	General
Battery Innovation Center	General
Berkshire Innovation Center	General
Bayesian Information Criteria	General
Brand Identity Checker	General
Benefits Identification Card	General
Brother In Christ	General
Behavior Improvement Center	General
Branding Integrated Communications	General
Best In Class	General
Brazil Industries Coalition	General
B*B*tches Is Crazy	General
Brethren in Christ	General
BIC is actually	General
Baylor Interdisciplinary Core	General
Bournemouth International Centre	General
Bilateral Implementation Commission	General
Bus Interface Controller	General
Bikers Inner Circle	General
Book Industry Communication	General
Business Information Center	Governmental
BICHIA	Indian Railway Station
Banco Industrial de Cataluña	International
Baltimore International College	International
Brigada de Investigación Criminal	International
Byson Independent Club	Internet
Bayesian Information Criterion	Maths
Biotechnology Information Center	Medical
Biomedical Imaging Center	Medical
Biceps	Medical
Back In Character	Messaging
Battlefield Information Center	Military and Defence
Big Creek, Alaska USA	Regional
Ball in Court	Sports
Buy It Cunt	Uncategorized