These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. BIC2 constitutes the result of a full and thorough review of the BIC scheme, carried out in accordance with clearly defined aims and principles, which has produced some significant changes and advances. IBAN, BIC and SWIFT explained In brief: SWIFT bank transfers are available worldwide; SWIFT codes are similar to BIC. €“ A nine-digit ABA Routing number that can be pre-fixed with FW. IBAN will be progressively introduced in most OECD countries to allow Straight Through Processing of cross border payments.
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