Business identifier code: Difference between revisions

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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).   
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.   


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. 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.
BICs follow the standards set out in ISO 9362:2009, the 3rd edition issued by the International Organization for Standardization (ISO).


In the BIC8:
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 first 4 characters are alphabetic and identify the institution. They are often referred to s the business code - formerly the bank code.
 
Characters 5-6 are two character alphabetic country codes from ISO 3166-1 country code to identify where the institution is located.  
The BIC is used in financial transactions, exchange of messages between institutions, client and counterparty databases, compliance documents and many others.
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.
 
 
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.


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]]
*[[BIC]]
* [[International bank account number]] (IBAN)
*International Organization for Standardization http://www.iso.org/iso/home.htm
* [[Society for Worldwide Interbank Financial Telecommunications]]  (SWIFT)
*[[SWIFT]]
 
 
==External link==
* [http://www.iso.org/iso/home.htm International Organization for Standardization]


[[Category:Payment_and_Clearing_Systems]]
[[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


External link

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