Glossary of financial terms

Common terms and definitions related to electronic fund transfers (EFT).

Account Number: 8–12-digit number used by banks to identify a specific bank account. If you have a check, you may find the account number on the check.

ACH/ABA transfer number:  9-digit number used by banks to identify a financial institution, within the United States, for automatic bill payments. Also referred to as a routing number.

BIN: Business Identification Number. 8–12-digit number. 

EKNP: 10 characters (letters and numbers) prefixed with “EKNP”. This consists of a 2-digit KOD code, a 2-digit KBE code, the currency code, and a 3-digit KNP code. For example, EKNP XXYYKZTZZZ.

Financial institution code: 3-digit number that identifies a financial institution within Canada.

Routing code or bank code: 3–9-digit number. 

Sort code: 6-digit number used to identify individual branches in order to transfer money within the United Kingdom and the Republic of Ireland. The format is usually ##-##-##. 

Swift code or BIC number: 8-11 characters (letters and numbers) that identify a specific bank in an international transaction. BIC stands for Bank Identifier Code and is commonly referred to as a SWIFT code or Swift ID.

Tax ID or tax identification number: 9-14-digit number. Depending on the country, this may also be referred to as a Cédula Jurídica, CNJP, CUIT, Fiscal Code, INN, NIT, NUIT, NTN, PAN, RNC, RUC, or RUT. 

Transit code: 8-digit number prefixed with “TRANSIT CODE”. For example, TRANSIT CODE 12345678. 

Transit number: 5-digit number that identifies a specific bank branch within Canada.

VOEN: Beneficiary bank’s 10-digit tax identification number.

Wire transfer ABA number or Wire transfer routing number: A 9-digit number used to identify a financial institution within the United States for wire transfers.