A BIC is an alphanumeric identifier assigned to a bank or other financial institution for use in payment and messaging activities. SWIFT administers the BIC registration system. Each identifier has an eight-character core, while three additional characters may be appended to identify a particular branch or organisational unit. The core identifies the institution, its country, and its location.
Passende Formel
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.