Codice IBAN, codice BIC, codice SWIFT: what they are and what they are for

IBAN stands for International Bank Account Number and is a bank code used to uniquely identify each current account in the Single Euro Payments Area (SEPA) which, according to the European Economic and Social Committee, includes 36 countries (including 27 from the European Union). It is a code consisting of 4 initial characters followed by the current account number. The 4 initial characters indicate the national abbreviation (2 digits) followed by the control code (2 digits). Example: IT (national abbreviation) + control code (two standard numbers which vary according to the country of reference).

Il numero di conto corrente è composto dal codice della banca, il codice della filiale, 2 cifre del codice di controllo e, infine, il codice del conto del cliente (le ultime 10 cifre). In total, there are 20 digits that identify the account.

To make a payment or a transfer outside the European Union, in the context of an international transfer, the information provided by the IBAN code is not sufficient and it is necessary to provide the BIC code of the destination bank.

SWIFT (acronym for Society for World Interbank Financial Telecommunication) takes its name from a cooperative of financial companies, mainly banks, to which it serves. The main reason why the SWIFT code is often known is that it is an international code that provides its members with an encrypted messaging service that allows for international transfers of funds. Lo SWIFT determina i codici bancari necessari per effettuare o ricevere un bonifico internazionale.

The SWIFT or BIC (Bank Identifier Code) is used to identify the bank receiving a transfer (or destination bank). It is an international alphanumeric code that can consist of 8 or 11 characters:

• 8-character code: includes information about the banking entity, each country and the city. Example: AAAA (bank code) BB (country code) CC (city code).
• 11-character code: in addition to the data just seen, the last 3 characters include information about the branch. If there is no office information, it is understood that this is the bank's main office. Example: AAAA (bank code) BB (country code) CC (city code) XXX (branch code).

When making an international transfer to another, the ordering bank generates an encrypted message (BIC or SWIFT code). This message indicates how it will send the funds to the client, including all details (dates, currencies, fees, through which bank / which intermediary banks, etc.). It is proof that the international transfer has been irrevocably made and guarantees security (and information) to the recipient.

Attraverso il codice IBAN è possibile effettuare pagamenti o bonifici all’interno dei  paesi dell’area SEPA con la stessa facilità con cui si effettua un pagamento nazionale.
Il Conto Corrente BBVA possiede un IBAN italiano per rendere più agili le operazioni bancarie dei propri clienti, come la domiciliazione bancaria delle utenze, l’addebito degli abbonamenti, l’accredito dello stipendio, il pagamento di tasse e bollette etc.