The verification of bank details is the most effective solution against the risk of fraud in transfers. It can take place at various points in the payment chain. From the creation or modification of a supplier or client file to the issuance of a payment file (batch). Therefore, continue reading This Is The Best API To Do BIC Validation, learn more about this, and about IBAN Validator API, a tool that will be very useful to you.
What is the format of a SWIFT/BIC code?
A SWIFT code, also known as a SWIFT number, is used to identify banks and financial institutions around the world. The term Bank Identifier Code (BIC) is used interchangeably with the SWIFT code and means the same thing. These codes facilitate money transfers between banks and are required for international transfers and SEPA payments. To make an international money transfer from the United States, you will need a SWIFT/BIC code.
What is the format of a SWIFT/BIC code?
A SWIFT/BIC code consists of 8 to 11 characters and follows a format that identifies the bank, country, location, and branch.
What is the BIC and what is it for?
It is not a great secret to confirm that one of the topics that cause the most tedium and boredom is related to all banking and financial issues. Few people are up to date and perfectly know all the terms and concepts that abound within the banking context. Even though we are faithful consumers of certain and useful banking products, we are unaware of the definition and functionality of many of their qualities.
A good example of this total ignorance regarding banking issues is very well reflected in the BIC code, a term that causes sudden astonishment and perplexity since a large majority of the population does not know where to place it and even fewer have the capacity to explain what the banking bic is.
This question can be made even more misleading if we add the term SWIFT code and try to ask the differences between the bic or swift codes. Are you one of those people who is wondering what bic is? or where is the bic code? And you can’t find or have the remotest idea where to start to solve this dilemma? Do not worry through the lines of this article we are going to clear all darkness in relation to what is the bic code of a bank account or about the characteristics and differences that exist between the BIC or SWIFT code.
BIC code example
1 – Bank code (four letters)
The first four letters represent the bank and usually have the appearance of a shortened version of the bank’s name.
2 – Country code (two letters)
These two letters represent the country where the bank is located.
3 – Location code (two letters or numbers)
Both of these characters, on the other hand, designate the location of the bank’s main office.
4 – Branch code (three digits)
These 3 digits identify a specific branch. “XXX” is used for the head office of a bank.
IBAN Validator API: Employ A Bank Account Validation API
IBAN Validator API allows you to validate any bank account information (IBAN, BIC/SWIFT, and BBAN) programmatically. It will validate any number from any Euro country and can also generate IBAN. This API will receive IBAN and perform validation. You will know if the number is correct. It also retrieves additional information about the bank, giving you more information about where the account is located.
What are the most common applications for IBAN Validator API?
Check the IBAN of your provider. You will be able to validate your provider’s IBAN number using this API before making any transactions.