In the world of banking, you will hear words such as IBAN, SWIFT, and BIC. A Bank Identifier Code is known as a BIC code. Another name for the same function is SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication. The terms are interchangeable, and a BIC or SWIFT code is an 8 to 11 character number, which identifies a specific bank anywhere in the world. It is a form of registration, and B2B Pay also has a BIC or SWIFT code in accordance with regulations of banking.
IBAN stands for International Bank Account Number, which is an international banking system for bank account numbers. IBAN makes international transactions easier in many countries.
As opposed to a BIC code, which refers to a specific bank, IBAN refers to a specific bank account.
IBAN is used in all European countries (except Russia and Belarus) and dozen of non-European countries. Inside the European SEPA zone zone it's very convenient to transfer money to other countries.
SEPA stands for Single Euro Payments Area. SEPA money transfer is a payment system that simplifies bank transfers denominated in EUR. SEPA is an initiative by the European Union. As of July 2015 there are 35 SEPA countries: the 28 member states of the EU, Switzerland, Iceland, Norway, Liechtenstein, Monaco, San Marino and Andorra.