Banco de España - Payment Systems Glossary

Payment Systems Glossary

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BIC: The BIC (Bank Identifier Code) identifies the bank that is the beneficiary of a transfer. It completes the information provided by the IBAN. It normally consists of eleven characters, although sometimes it may only have eight. Often it is also known as the Swift code or address. For an intra-Community transfer to be subject to the same commission as a national transfer of the same amount, the originator must provide the bank with the beneficiary's IBAN (International Bank Account Number) and BIC (Bank Identifier Code).
Book-Entry System (CADE): A platform whereby Iberclear manages the central register of the securities traded in this market and organises the clearing and settlement of operations performed therein.