Business identifier code: Difference between revisions
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Business identifier code, also known as the BIC, was originally called the bank identifier code. SWIFT, in its role of ISO | Business identifier code, also known as the BIC, is a unique identification code for a particular institution or a part of it. It was originally called the bank identifier code. | ||
BICs follow the standards set out in ISO 9362:2009, the 3rd edition issued by the International Organization for Standardization (ISO). | |||
SWIFT, in its role of ISO Registration Authority, issues BICs to financial and non-financial institutions connected to the SWIFT network, as well as to non-connected institutions. | |||
The BIC is used in financial transactions, exchange of messages between institutions, client and counterparty databases, compliance documents and many others. | |||
BICs are 8 (BIC8) or 11 (BIC11) alphanumeric character strings and have no spaces in the strings. | |||
'''BIC8s''' can be taken as referring to the principal office. | |||
* The first 4 characters are alphabetic and identify the institution and are often referred to as the institution code. | |||
* Characters 5-6 are two character alphabetic country codes from ISO 3166-1 to identify where the institution is located. | |||
* Characters 7-8, that may be alphabetic or numeric, make this more precise, identifying a region or a city for example. They are often called the location code. | |||
'''BIC11s''' add 3 alphabetic characters to be more specific - a department or a physical branch for example and these three characters are often called the branch code. | |||
As an example of how it works in practice, and taking a non-bank, Diageo plc's London HQ has BIC8: DIAGGB2L. Its Warwick branch, called "Reverse Billing", has DIAGGB2LCTB. | |||
== See also== | == See also== | ||
*[[Bank identifier code]] | *[[Bank identifier code]] | ||
*[[ | * [[International bank account number]] (IBAN) | ||
*[[SWIFT | * [[Society for Worldwide Interbank Financial Telecommunications]] (SWIFT) | ||
==External link== | |||
* [http://www.iso.org/iso/home.htm International Organization for Standardization] | |||
[[Category: | [[Category:Cash_management]] | ||
Latest revision as of 13:33, 25 September 2022
Business identifier code, also known as the BIC, is a unique identification code for a particular institution or a part of it. It was originally called the bank identifier code.
BICs follow the standards set out in ISO 9362:2009, the 3rd edition issued by the International Organization for Standardization (ISO).
SWIFT, in its role of ISO Registration Authority, issues BICs to financial and non-financial institutions connected to the SWIFT network, as well as to non-connected institutions.
The BIC is used in financial transactions, exchange of messages between institutions, client and counterparty databases, compliance documents and many others.
BICs are 8 (BIC8) or 11 (BIC11) alphanumeric character strings and have no spaces in the strings.
BIC8s can be taken as referring to the principal office.
- The first 4 characters are alphabetic and identify the institution and are often referred to as the institution code.
- Characters 5-6 are two character alphabetic country codes from ISO 3166-1 to identify where the institution is located.
- Characters 7-8, that may be alphabetic or numeric, make this more precise, identifying a region or a city for example. They are often called the location code.
BIC11s add 3 alphabetic characters to be more specific - a department or a physical branch for example and these three characters are often called the branch code.
As an example of how it works in practice, and taking a non-bank, Diageo plc's London HQ has BIC8: DIAGGB2L. Its Warwick branch, called "Reverse Billing", has DIAGGB2LCTB.
See also
- Bank identifier code
- International bank account number (IBAN)
- Society for Worldwide Interbank Financial Telecommunications (SWIFT)
