imported>Doug Williamson |
imported>Doug Williamson |
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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.
| | ''Corporate governance - ESG''. |
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| | Abbreviation for Corporate social responsibility. |
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| BICs follow the standards set out in ISO 9362:2009, the 3rd edition issued by the International Organization for Standardization (ISO).
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| 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.
| | == See also == |
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| The BIC is used in financial transactions, exchange of messages between institutions, client and counterparty databases, compliance documents and many others.
| | * [[Corporate governance]] |
| | * [[Corporate social responsibility]] |
| | * [[ESG]] |
| | * [[Sustainability]] |
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| | | [[Category:The_business_context]] |
| BICs are 8 (BIC8) or 11 (BIC11) alphanumeric character strings and have no spaces in the strings.
| | [[Category:Compliance_and_audit]] |
| | | [[Category:Ethics]] |
| | | [[Category:Identify_and_assess_risks]] |
| '''BIC8s''' can be taken as referring to the principal office.
| | [[Category:Manage_risks]] |
| | | [[Category:Risk_frameworks]] |
| * The first 4 characters are alphabetic and identify the institution and are often referred to as the institution code.
| | [[Category:Risk_reporting]] |
| * Characters 5-6 are two character alphabetic country codes from ISO 3166-1 to identify where the institution is located.
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| * 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.
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| '''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.
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| 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.
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| == See also==
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| *[[Bank identifier code]]
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| *[[SWIFT]]
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| ===Other links===
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| * [http://www.iso.org/iso/home.htm International Organization for Standardization]
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| [[Category:Cash_management]] | |
