What is a bank key?

A bank key is a unique identification code assigned to a financial institution by a central authority such as the Federal Reserve System, European Central Bank, or other national or regional banking organizations.

The bank key is used for financial transactions such as wire transfers, direct deposits, and electronic payments. It is typically a combination of numbers and letters, and can vary in length depending on the country or region.

In addition to identifying the bank, the bank key may also include additional information such as the branch or location of the financial institution.

Having a correct bank key is essential for processing financial transactions accurately and efficiently. It helps to ensure that the funds are transferred to the intended recipient and that the correct financial institution receives the payment.