What type of code is a Bank Identification Code (BIC) also known as?

A Bank Identification Code (BIC) is indeed also known as a SWIFT code. The BIC is an internationally recognized identifier for banks and financial institutions, which allows for the accurate and efficient processing of electronic transfers. This designation helps ensure that funds are sent to the correct institution globally.

The SWIFT system, which stands for the Society for Worldwide Interbank Financial Telecommunication, issues these codes. They are essential for cross-border transactions, as they provide a standard method for identifying banks and financial entities involved in international trade.

The other options do not accurately reflect the terminology used in the banking industry. The term "Common Financial code" does not correspond to any recognized banking identifier, "Trade Identification code" is not a standard term relevant to bank identification, and "International Banking code" is too vague to specifically refer to the defined BIC or SWIFT code. Understanding the BIC's relationship with SWIFT is crucial for anyone involved in international finance or banking transactions.