BIC stands for Bank Identifier Code. It is an international standard for identifying banks and financial institutions. It is used to identify the bank that is involved in a financial transaction. BICs are used to facilitate international payments and money transfers. They are also used to identify the bank that holds a customer's account. BICs are composed of 8 or 11 characters, which include letters and numbers. The first 4 characters identify the bank, the next 2 characters identify the country, and the last 2 characters identify the location. BICs are used by banks and other financial institutions to ensure that payments are sent to the correct bank.
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