ISO 9362 defines a standard format of Business Identifier Codes approved by the International Organization for Standardization. What are BIC/SWIFT codes? BIC stands for Bank Identifier Code. What is a SWIFT/BIC code? A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). The Business Identifier Code (BIC) consists of 8 or 11 alphanumeric characters, comprising a Business party prefix (previous institution code), country code, business party suffix and branch identifier. BIC (Business Identifier Code) is an international standard for routing business transactions and identifying business parties. A BIC (Bank Identifier Code) identifies the beneficiary's bank quickly and easily.