BIC is the International Standard ISO 9362:2014. This standard specifies the elements and structure of a universal identifier code, the business identifier code (BIC), for financial and non-financial institutions, for which such an international identifier is required to facilitate automated processing of information for financial services. The BIC is used for addressing messages, routing business transactions, and identifying business parties. A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). Luminor Bank AS uses SWIFT codes to send money to overseas banks. A SWIFT code consists of 8 or 11 characters.