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BIC stands for Bank Identification Code.
IBAN stands for International Bank Account Number
Especially for people who work in international trade or consumers who want to
shop abroad or on the internet, it is always important to know who the bank of
your counterparty is.
Would it not be nice if you could wire some money to the account of your
counterparty just with the BIC and IBAN code.
The way international money transfers could work is that the bank operates a web
site www.[bic].bic where you enter your IBAN and BIC code and the money is
debited from your account.
No more hassle with credit cards.
When doing online business, some counter parties prefer to debit the money
rather than wait for a credit note.
The domain schema www.[bic].bic is essential to uniquely identify the web site
of a bank.
Have you ever been on a fraudulent bank web site?
How do you know if the web site of your bank is real or fake?
Industry based top level domains like .bic would be a step towards the right
direction.
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