The wisdom of payments processing
BIC (Bank Identifier Code)
This collection of 8 to 11 numbers and letters identifies a specific bank or bank branch. It involves a four-character code for the bank, a two-character code for the country and a two-character location code as well as a three-character branch code in some cases. This code is used for communication between banks.
BIN (Bank Identification Number)
The first six numbers in a MasterCard or Visa account number, this code identifies which bank issued the card. This identification is useful in transaction processing and in fraud control and can be used by the member’s affiliates when necessary for transaction processing.