BIC
Category: Payments
Also searched as: SWIFT BIC
Definition (plain English)
A BIC, often called a SWIFT code, identifies a bank or branch in international payment messaging.
Why it matters commercially
The BIC helps route cross-border payments and can reveal bank-country or branch mismatches before money is released.
Example
The finance team escalated a wire because the supplier claimed a European entity but gave a beneficiary account with a different bank-country BIC.
Common mistake
Checking only account number or IBAN while ignoring whether the BIC, beneficiary bank, bank country, and supplier entity fit the approved counterparty.
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