Although BIC is often referred to by bankers as a SWIFT code or SWIFT address, do note that BIC is slightly different from SWIFT§. €“ knowing this bank number is a must. The community of financial sectors worldwide recognize the technological benefit of SWIFT system that it outperformed the TELEX system. SEPA payments require both BIC and IBAN. The Committee of European Securities Regulators (CESR) had originally wanted each competent authority (CA) to collect this information and share relevant reports with other CAs by November 2008, one year after MiFID went live. For example, ABA numbers (or routing codes) identify banks in the US and Canada, Sort Codes identify banks in the UK.

Country	City	Bank Name	Branch	SWIFT
Sweden	Umea	Independent Investment Group Sweden	Independent Investment Group Sweden	IIGSSE21XXX