BIC (Bank Identifier Code) and IBAN (International Bank Account Number) are used to identify specific banks in cross-border transactions to ensure funds are transferred to the correct recipient’s bank account.

BIC, also known as a SWIFT code, is a code consisting of 8-11 characters; IBAN is a standardized international numbering system that can be up to 34 characters long. Depending on the country, IBANs typically include a country code, a check digit, and a bank account number.