IBAN stands for "International Bank Account Number" and is a standardized international number used to identify a bank account. The IBAN code contains information such as the country, the bank and the specific account number. It enables banks to process transactions between different countries securely and efficiently by uniquely identifying the account information.
BIC stands for "Bank Identifier Code" and is also known as the SWIFT code. This code identifies a specific bank or financial institution worldwide. The BIC code is a combination of letters and numbers and is required to carry out international money transfers. It is used to identify the bank to which the money is sent or from which it is received.
