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Bank Identifier Code (BIC) Meaning

A Bank Identifier Code (BIC), also known as a SWIFT code, is a standardized international code that uniquely identifies banks and other financial institutions. Defined by the ISO 9362 standard, the code consists of eight or eleven alphanumeric characters: a four‑letter bank code, a two‑letter country code, a two‑digit location code and, optionally, a three‑digit branch code. The BIC is used to route cross‑border payments and other secure messages between banks.

When you initiate an international wire transfer, your bank uses the recipient’s BIC to ensure funds are sent to the correct institution. Because the code follows a global standard, it reduces errors and speeds up settlement. BICs are also used in messaging systems like SWIFT to exchange financial information securely.

Although the BIC identifies the institution, it must be paired with the beneficiary’s account number or IBAN to complete a transfer. Consumers and businesses often find the BIC on their bank statements or by searching their bank’s website.

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Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

Finery Markets’ software is non-custodial and is provided exclusively to licensed institutional entities that act as independent operators of their own environments. All counterparties are solely responsible for establishing and maintaining their own bilateral trading and settlement relationships. Finery Markets is not a party to any such arrangements and assumes no responsibility for the conduct, verification, or compliance obligations of any users of the software.

Nothing on this website shall be construed as a financial promotion, investment advice, or an offer to engage in regulated activities. Access to and use of the software is strictly limited to clients who have entered into a software licensing agreement with Finery Markets. Persons located in jurisdictions where such access is restricted should not rely on this website or any of its contents.

Additional notice to UK visitors: This website and associated communications are not intended to constitute a financial promotion under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and related guidance. Access to services provided by Finery Markets is limited to regulated entities, professional clients and eligible counterparties as set out by the Financial Conduct Authority. UK users are not permitted to use this website for the services of Finery Markets if they don't fall within these categories.