A BIC code can also be called a SWIFT code it is used to transfer money internationally. STRIPE needs a BIC/SWIFT code to do the transactions from employers accounts to contractors accounts.
A SWIFT code (also called a BIC code) is an alphanumeric code used to identify specific banks in the Philippines and around the world. An important part of international money transfers, SWIFT codes are often used for international wire transfers and currency exchange.
A bank identifier code (BIC) is a unique identifier for a specific financial institution. A BIC is composed of a 4-character bank code, a 2-character country code, a 2-character location code and an optional 3-character branch code.