Business Identifier Code (BIC) is the official name, under the international standard ISO 9362, for the 8- or 11-character code that identifies a bank or other institution in international payments and financial messages. The letters BIC originally stood for Bank Identifier Code, and both names refer to the same code. Its structure, issue and use are explained in full in the Bank Identifier Code (BIC) entry.
The name was broadened because the codes are not only held by banks. Corporations, fund managers, central securities depositories and other market bodies can also register one, so "business" describes the holders more accurately. In daily banking the code is usually called a SWIFT code, because SWIFT acts as the registration authority for the standard and its network uses the codes for routing.
A BIC is made up of a four-character institution code, a two-letter country code, a two-character location code and, optionally, a three-character branch code. It identifies the institution only; the customer's account is identified separately, often by an IBAN.