Bank Identifier Code (BIC) 

The BIC (bank identification code) is used to identify the recipient's bank. It consists of 8 or 11 characters and has a fixed structure as described as followed:

4-character bankcode

2-character country code

2-character coding for location

3-character branch identification (optional, can be replaced by “XXX”)

For payments to SEPA countries the BIC is inserted automatically.