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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.

Synonyms

  • BIN
  • ABA Transit Number
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