I was asked a days ago with this question, WHAT IS BIC? Is it Bank Identifier Code? or what is it in the field of finance and accounting?

Yes you are right the BIC stands for Bank identifier code and the part of IBAN (International Bank Account number). Each account is been given a unique IBAN number by banks for receiving and paying funds through international payment and remittance systems.

All the central around the globe is moving towards IBAN for safe and error free international transfers.