BIC (Bank Identifier Code)

A BIC is an international code used to identify banks in financial transactions.

BIC in Travel Payments

‍BICs are crucial for cross-border payments in the travel industry, ensuring that funds are routed to the correct bank.

Challenges with BIC codes

‍Incorrect BIC codes can lead to delayed or failed transactions, particularly in international payments.

Key Takeaways

• Ensures accuracy in cross-border payments.
• Used to identify recipient banks.
• Errors can cause delays.

How Can Felloh Help with BIC codes?

‍Felloh's system validates BIC codes in real-time, reducing the risk of failed or delayed payments for international transactions.