A Bank Identifier is a unique code used to identify a specific financial institution in transactions. This code helps ensure that money transfers and communications are directed to the correct bank, reducing errors and improving efficiency. Common examples of bank identifiers include the SWIFT code and the IBAN (International Bank Account Number). These identifiers are essential for international banking, as they provide a standardized way to recognize banks across different countries. By using a bank identifier, customers can safely send and receive funds, making global transactions smoother and more reliable.