ISO 9362 defines a standard format of
Business Identifier Codes (also known as
SWIFT-BIC,
BIC code,
SWIFT ID or
SWIFT code) approved by the
International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. The acronym
SWIFT stands for the
Society for Worldwide Interbank Financial Telecommunication. The ISO has designated SWIFT as the BIC registration authority. When assigned to a non-financial institution, the code may also be known as a
Business Entity Identifier or
BEI. These codes are used when transferring money between banks, particularly for international
wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.