A Business Identifier Code (BIC) is a unique code used to identify banks, branches, credit unions, and other financial institutions. While typically not required for SEPA Credit Transfers within the Eurozone, some banks may request a BIC for processing Direct Debit payments.
A BIC consists of the following parts:
- Bank Code: Four characters identifying the bank
- Country Code: Two characters representing the country
- Location Code: Two characters for the specific bank location, with an optional branch identifier of up to three additional characters