VFX: BIC Explained

Bank Identification Code (BIC)

The Bank Identifier Code (BIC) is a structured address that clearly identifies partners in financial transactions. It is used worldwide by financial institutions and SWIFT. It facilitates automated processing of telecommunication messages in banking and related environments.

What is SWIFT BIC?Anatomy of a BICUseful Links

The SWIFT address is an 8 or 11 alphanumeric characters long international standard uniquely identifying your financial institution. The SWIFT address is also known as BIC (Bank Identifier Code). A swift is also known as a standard list of Bank Identifier Codes.

When providing VFX with beneficiary bank account details we will also require a SWIFT BIC.

Most international banks use an electronic communication system called SWIFT to make automated overseas payments and use a BIC which is a unique reference number or code to identify all banks on the SWIFT network and specifically the bank with whom the beneficiary holds their account.


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