BIC stands for Bank Identifier Code, which is an international standard for Business Identifier Codes. It is an 8 to 11-character code that is used to identify a specific bank when making an international transaction. BICs are composed of a 4-character bank code, a 2-character country code, a 2-character location code, and an optional 3-character branch code. BICs are used by financial institutions for letters of credit, payments and securities transactions, and other business messages between banks. BICs are also known as SWIFT-BIC, SWIFT ID, or SWIFT code, after the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is designated by ISO as the BIC registration authority. SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles the registration of these codes. BICs are used to ensure that international payments go to the right bank, and they are embedded within messages such as cash transfer MT103.