ISO 9362 (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. (When assigned to a non-financial institution, a code may also be known as a Business Entity Identifier or BEI.) These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.
The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN). The SWIFT network does not require a specific format for the transaction so the identification of accounts and transaction types is left to agreements of the transaction partners. In the process of the Single Euro Payments Area the European central banks have agreed on a common format based on IBAN and BIC including an XML-based transmission format for standardized transactions; the TARGET2 is a joint gross clearing system in the European Union that does not require the SWIFT network for transmission (see EBICS). The TARGET-directory lists all the BICs of the banks that are attached to the TARGET2-network being a subset of the SWIFT-directory of BICs.
The latest edition is ISO 9362:2009 (dated 2009-10-01). The SWIFT code is 8 or 11 characters, made up of:
- 4 letters: Institution Code or bank code.
- 2 letters: ISO 3166-1 alpha-2 country code
- 2 letters or digits: location code
- if the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
- if the second character is "1", then it denotes a passive participant in the SWIFT network
- if the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message
as opposed to the more usual mode whereby the sender pays for the message.
- 3 letters or digits: branch code, optional ('XXX' for primary office)
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles the registration of these codes. Because SWIFT originally introduced what was later standardized as Business Identifier Codes (BICs), they are still often called SWIFT addresses or codes.
The 2009 update of ISO 9362 broadened the scope to include non-financial institutions, before then BIC was commonly understood to be an acronym for Bank Identifier Code.
There are over 7,500 "live" codes (for partners actively connected to the BIC network) and an estimated 10,000 additional BIC codes which can be used for manual transactions.
- DEUT identifies Deutsche Bank
- DE is the country code for Germany
- FF is the code for Frankfurt
Deutsche Bank uses an extended code of 11 digits and has assigned branches or processing areas individual extended codes. This allows the payment to be directed to a specific office. For example, DEUTDEFF500 would direct the payment to an office of Deutsche Bank in Bad Homburg.
- NEDS identifies Nedbank
- ZA is the country code for South Africa
- JJ is the code for Johannesburg
Nedbank has not implemented the extended code of 11 digits and all SWIFT transfers to its accounts are directed to the primary office for processing. Those transfer interfaces that require an 11 digit code would enter NEDSZAJJXXX.
- DABA identifies Danske Bank
- DK is the country code for Denmark
- KK is the code for Copenhagen.
Unicredit Banca is a primarily Italian bank with its head office in Rome. The SWIFT code for the branch in Venice is e.g. UNCRIT2B912
- UNCR identifies Unicredit Banca
- IT is the country code for Italy
- 2B912 is the code for Venice.
Dah Sing Bank is a bank based in Hong Kong that has five branches in mainland China (primary mainland China branch in Shenzhen). The SWIFT code for the branch in Shanghai is DSBACNBXSHA.
- DSBA identifies Dah Sing Bank
- CN is the country code for China
- BXSHA is the code for Shanghai.
It uses the 11-digit extended code, and SHA identifies the Shanghai branch.
Note that one bank can seem to have more than one bank identifier in a given country for separation purposes. Bank of East Asia separates its representative branch in the US and its US-based operations for local customers into BEASUS33xxx (following the code used in its home country) and BEAKUS33xxx respectively. This differs from its local mainland China operations which are also BEASCNxxxxx following Hong Kong rather than having a separate identifier code.
SEPA payments require both BIC and IBAN. Both must be correct or payment will be rejected.
12-character SWIFTNet FIN address based on BIC[កែប្រែ]
To identify endpoints on its network, SWIFT also uses 12-character codes that are derived from the BIC of the institution. Such a code consists of the BIC8, followed by 1-character code that identifies the Logical Terminal (LTC), or "local destination", and the 3-character branch code. These 'BIC12's are not part of the ISO standard, and are only relevant in the context of the messaging platform.
- Bank Identification Number (BIN)
- International Bank Account Number (IBAN)
- Society for Worldwide Interbank Financial Telecommunication (SWIFT)
- Value transfer system
- ISO 9362:2009
- Bank Identifier Code SWIFT.com home page
- Official SWIFT search tool for bank names and Bank Identifier Codes
- Swift Codes BIC, IBAN, SWIFT codes Reference
- www.swift.com, , SWIFT Directories fact-sheet, 2010-09-27