What are SWIFT/BIC codes

Swift codes are handled by the SWIFT organization and in particular from a division called “SWIFT Standards”. S.W.I.F.T stands for “Society for Worldwide Interbank Financial Telecommunication” and is a member owned cooperative that is used by the financial world to conduct business operations. These codes were initially introduced from S.W.I.F.T. as “swift codes” but were later standardized as B.I.C. which stands for “Business Identifier Codes”. Both terms are used today, and mean exactly the same thing: a BIC code is a unique alphanumeric identification code, consisting of combinations of letters and numbers, which is used to uniquely identify an institution's branch among the members of the swift network.