Understanding financial terminology is essential for smooth and secure electronic fund transfers (EFT). This glossary provides clear definitions of common banking and payment-related terms, including account identifiers, routing codes, and international banking codes. Whether you're processing transactions domestically or internationally, these definitions will help you navigate financial operations with confidence.
Account Numbers & Identifiers
- Account Number: An 8–12-digit number used by banks to identify a specific bank account. It can be found on checks.
- BIN (Business Identification Number): An 8–12-digit number assigned to businesses for financial transactions.
- Tax ID (Tax Identification Number): A 9–14-digit number used for tax purposes. Depending on the country, it may also be called Cédula Jurídica, CNJP, CUIT, Fiscal Code, INN, NIT, NUIT, NTN, PAN, RNC, RUC, RUT, or TIN.
- VOEN: A 10-digit tax identification number of the beneficiary bank.
Bank & Financial Institution Codes
- ACH/ABA Transfer Number: A 9-digit number used to identify a financial institution in the United States for automatic bill payments. Also known as a routing number.
- Financial Institution Code: A 3-digit number that identifies a financial institution within Canada.
- Routing Code / Bank Code: A 3–9-digit number used for domestic banking transactions.
- Sort Code: A 6-digit number (formatted as ##-##-##) used in the UK and the Republic of Ireland to identify specific branches for money transfers.
- SWIFT Code / BIC Number: An 8–11-character code (letters and numbers) that identifies a bank in international transactions. BIC stands for Bank Identifier Code, commonly referred to as a SWIFT code or SWIFT ID.
- Transit Code: An 8-digit number prefixed with "TRANSIT CODE" (e.g., TRANSIT CODE 12345678).
- Transit Number: A 5-digit number that identifies a specific bank branch in Canada.
Specialized Codes
- EKNP Code: A 10-character alphanumeric code prefixed with "EKNP", consisting of:
- A 2-digit KOD code
- A 2-digit KBE code
- A currency code
- A 3-digit KNP code
- Example: EKNP XXYYKZTZZZ
- Wire Transfer ABA Number / Wire Transfer Routing Number: A 9-digit number used for wire transfers within the United States.