What is a SWIFT/BIC code?
@drew that is an excellent question
First, lets break it down
SWIFT - the interbank network used by over 95% of banks worldwide (either directly or via partner banks) to facilitate a standard in bank messaging. Among these messages are payment initiation messages, transfers, and supports a multitude of use cases.
the BIC, short for Bank Identification Code, is the identifier used within the SWIFT network to identify a participating bank.
So, if bank A wants to send a message to bank B, bank A simply sends a message to the SWIFT network with bank B’s identifier.
When using the Rapyd network, you’ll often notice that Rapyd might request the BIC of a participating bank.
One example is when you sign-up to our platform and add a bank account to your account on Rapyd. We ask for the SWIFT BIC so we can verify funds reach you bank account when settling them to you.
Another example is when using our Disburse platform. If you want to request a transfer to a bank account, we will most likely require you to enter the BIC of the beneficiary’s bank.
I hope this answers your question.
A small addition here for your own use:
How to search the BIC of all the countries/banks in the world