Swift Code is used to identify banks around the world. It is an interchangeable term for BIC. It stands for Bank Identification Code which is used by swift system to identify specific bank & has 8 or 11 digits. Some banks, investment managers & dealers need swift code to make international wire transfer.
A BIC/SWIFT code is used to identify individual banks around the world. BIC and SWIFT code are interchangeable terms meaning the same thing.