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BICs or SWIFT Codes

The AccessPay SWIFT Payments Module helps you leverage the power of the SWIFT network for more efficient global payments.

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BICs or SWIFT Codes

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  1. BICs / SWIFT Codes Key facts and information

  2. Key facts and information BICs / SWIFT Codes – what’s in a name? BICs (Business Identifier Codes) are also known as • SWIFT Codes • ISO 9362 • BEIs (Business Entity Identifiers) • SWIFT-BICs • SWIFT IDs For the purpose of this presentation we will refer to them as BICs… www.accesspay.com

  3. Key facts and information BICs – a brief history A BIC is the unique identification code of a particular bank. BICs are used to transfer money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. BICs are approved by The ISO (International Organisation for Standardization), who appointed SWIFT as the registration authority for the assignment of BICs. For this reason, they are sometimes referred to as SWIFT Codes. www.accesspay.com

  4. Key facts and information BIC formats BICs are written and printed as a string without spaces. There are two types of BIC: BIC8 – an 8-character BIC. Identifies a financial or non-financial institution in a country or a location. BIC11 - an 11-character BIC. Identifies the institution's branch. Note: Where an 8-digit code is given you should assume that it refers to the primary office. www.accesspay.com

  5. Key facts and information 8-characer BICs The structure of an 8 character BIC is as follows: Institution code 4 alphabetic characters identifying the institution. For example, BNPA for BNP-Paribas. Country code 2 alphabetic characters identifying the country where the institution is located. For example, FR for France. Location code 2 alphabetic or numerical characters that give additional location information within a country (such as a city or region). For example, PP for Paris. www.accesspay.com

  6. Key facts and information 11-character BICs An 8-character BIC can be extended to an 11-character BIC by adding a branch code. Branch code3 alphabetic characters. The branch code identifies the physical branch of an institution; or its department or type of business. www.accesspay.com

  7. Key facts and information Connected and unconnected BICs BICs identify both financial and non-financial institutions, connected and not connected to the SWIFT network. Connected Not Connected The BIC of an institution not connected to the SWIFT network has the location code ending in ‘1’. These BICs are sometimes called a ‘non-SWIFT BIC’, or a ‘BIC1’. A BIC for an institution connected to the SWIFT network has a location code ending with a character other than a ‘1’. These BICs are sometimes called a ‘connected BIC’ or a ‘SWIFT BIC’. Note: Only a SWIFT BIC can appear in the header of a SWIFT message. www.accesspay.com

  8. Key facts and information Example BICs - the big 5 banks To date, SWIFT has issued up to 90,000 BICs worldwide! Here are the BICs of the ‘big 5’ major UK banks: • Barclays - BARCGB22 • HSBC – MIDLGB22 • Lloyds Banking Group - LOYDGB2L • RBS – RBOSGB2L • Standard Chartered - SCBLGB2L www.accesspay.com

  9. Key facts and information SWIFT & AccessPay To find out more about SWIFT, read the AccessPay slidesharepresentation: SWIFT secure financial messaging services - key facts and information The AccessPay SWIFT Payments Module will help you leverage the power of the SWIFT network, and benefit from faster, more efficient global payments. Read more about The AccessPay SWIFT Payments Module here. www.accesspay.com

  10. Any Questions? AccessPayCEC Winchester - Crawford Place,259-269 Old Marylebone Rd,LondonNW1 5RA Tel: +44 (0) 203 282 7152 Email: info@accesspay.com Website: www.accesspay.com www.accesspay.com

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