An IBAN (International Bank Account Number) is a globally standardised code used to uniquely identify an individual bank account for international payments. It helps banks process payments accurately, preventing delays and routing errors.
A BIC (Bank Identifier Code) is an 8 to 11 character code used to identify a specific bank or branch during international payments. It is also sometimes referred to as a SWIFT code. It makes sure global transactions are sent to the correct financial institution.