Bank Identifier Code, BIC (also used in German)

Internationally standardized bank code that allows a credit institution to be uniquely identified worldwide, formerly also known as the SWIFT address. In addition to the IBAN, the BIC is also usually required for the fully electronic straight through processing of cross-border payment transactions. The BIC consists of an eight- to eleven-digit combination of letters and numbers. It identifies the institution, the country, the location and, if applicable, the branch. – Since November 2009, banks in Germany no longer have to check whether the account number matches the recipient’s name when transferring money. Where a transfer goes is determined solely by the account number. As of August 2014, the SEPA procedure will apply unconditionally. National platforms for credit transfers and direct debits may no longer be used from then on. – See International Bank Account Number, Single European Payment Area, Payment systems. – Cf. BaFin Annual Report 2009, p. 242 (implementation of the EU Payment Services Directive).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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