Business identifier code

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. 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.

In the BIC8: 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. 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.

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
• BIC
• International Organization for Standardization http://www.iso.org/iso/home.htm
• SWIFT