Bank Identification Number (Noun)
Meaning
An identification number consisting of a two-part code assigned to banks and savings associations; the first part shows the location and the second identifies the bank itself.
Classification
Nouns denoting communicative processes and contents.
Examples
- The bank_identification_number on the check is used to identify the bank and facilitate electronic transactions.
- A bank_identification_number typically consists of two parts: a Federal Reserve Bank routing number and a financial institution's identification number.
- Banks use the bank_identification_number to clear and settle transactions with other financial institutions.
- To open an online banking account, customers typically need to provide their account number and the bank_identification_number.
- A merchant's payment processor will usually require the merchant's bank_identification_number to verify and authenticate transactions.