Glossary

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B

BIC (Bank Identifier Code)

International ISO standard that specifies the bank identifier code (BIC). The Society for Worldwide Interbank Financial Telecommunication (SWIFT) in its role of ISO registration authority issues BICs to financial and non-financial institution. The BIC can be an 8 (BIC8) or 11 character code (BIC11).

BILL (Billing)

Common component developed by the Eurosystem in order to maximize the synergies between TARGET2 and TARGET2-Securities and facilitate the consolidation of the technical, application and infrastructural components of TARGET services. The BILL component provides the centralized creation and management of invoices for all TARGET services.