ISO 9362:2022

Banking - Banking telecommunication messages - Business identifier code (BIC)

This document specifies the elements and structure of a universal identifier code, the business identifier code (BIC), for financial and non-financial institutions, for which such an international identifier is required to facilitate automated processing of information for financial services. The BIC is used for addressing messages, routing business transactions and identifying business parties. This document applies to organizations and excludes individual persons.

Banque — Messages bancaires télétransmis — Code d'identification des entreprises (BIC)

General Information

• Status: Published
• Publication Date: 11-Apr-2022
• ICS: 03.060 - Finances. Banking. Monetary systems. Insurance
• Technical Committee: ISO/TC 68/SC 8 - Reference data for financial services
• Drafting Committee: ISO/TC 68/SC 8 - Reference data for financial services
• Current Stage: 6060 - International Standard published
• Start Date: 12-Apr-2022
• Due Date: 04-May-2023
• Completion Date: 12-Apr-2022

Relations

• Revises: ISO 9362:2014 - Banking - Banking telecommunication messages - Business identifier code (BIC)
• Effective Date: 25-Dec-2021

Overview

ISO 9362:2022 defines the international standard for the Business Identifier Code (BIC), a universal identifier used in banking and financial telecommunications messages. The BIC enables precise identification of financial and non-financial institutions worldwide, facilitating automated processing, message addressing, routing of business transactions, and identification of business parties. This fifth edition of ISO 9362 ensures a consistent global approach to institution identification, enhancing interoperability and efficiency across financial services.

Key attributes of this standard include the structured format of the BIC, clear definitions for involved parties, registration requirements, and an openly accessible international directory of BICs. The standard applies exclusively to organizations and excludes individuals.

Key Topics

• BIC Structure and Format
  The BIC consists of either 8 or 11 alphanumeric characters:

  • 8 characters for identifying the business party alone.
  • 11 characters when including an optional branch code to specify organizational units such as departments or locations.
    The format uses a combination of letters and numbers, following the pattern 4!c2!a2!c for the core business party and an optional 3!c branch identifier.

• Elements of the BIC

  • Business Party Identifier: A mandatory element composed of a four-letter party prefix, a two-letter country code (ISO 3166-1), and a two-character party suffix.
  • Branch Identifier: Optional, three alphanumeric characters to designate branches or subdivisions within the same country.

• BIC Data Record Attributes
  Each BIC entry includes:

  • Full legal name and registered address of the institution (mandatory).
  • Status of the party as a financial or non-financial institution (mandatory).
  • Operational address (optional).
  • For branches, description and operational address are mandatory if the branch code applies.
  • Additional attributes like publication date, update date, expiry date, and maintenance status.

• Responsibilities of Organizations
  Organizations registering for a BIC must ensure data accuracy and promptly update records as required. The registration process is overseen by an official Registration Authority designated by ISO.

• International Directory Access
  The ISO 9362 international directory contains all active BICs and their data records. It is publicly accessible without technical restrictions, offering transparency and facilitating global financial communications.

Applications

ISO 9362:2022 and the BIC system play a critical role in the banking and financial services sectors by optimizing communication and transaction processing worldwide. Practical applications include:

• Automated Financial Messaging
  Enabling standardized addressing in SWIFT messages, payment systems, and interbank transfers helps reduce errors and processing delays.

• Transaction Routing
  The BIC ensures accurate routing of business transactions involving banks, financial institutions, and corporations, streamlining settlement and clearing processes.

• Business Party Identification
  Provides a unique identifier for organizations involved in financial operations, improving transparency and risk management.

• Cross-border Financial Operations
  Facilitates international trade and investment by providing a neutral, network-agnostic identifier for institutions globally.

• Regulatory Compliance and Reporting
  Supports compliance with financial regulations requiring identification of counterparties and reporting entities.

Related Standards

• ISO 3166-1: Country Codes
  Used within the BIC structure to define the two-letter country element accurately.

• ISO 17442: Legal Entity Identifier (LEI)
  Complements the BIC by providing a unique identifier for legal entities, focusing on risk management and regulatory reporting in financial markets.

• ISO/IEC Directives
  Framework for the development and maintenance of ISO standards, including ISO 9362.

By adhering to ISO 9362:2022, financial and non-financial institutions worldwide benefit from enhanced communication efficiency, improved transaction accuracy, and streamlined global financial operations. This standard is essential for organizations engaged in automated financial messaging and international financial transactions, supporting the global financial ecosystem’s robustness and interoperability.

Standards Content (Sample)

INTERNATIONAL ISO
STANDARD 9362
Fifth edition
2022-04
Banking — Banking
telecommunication messages —
Business identifier code (BIC)
Banque — Messages bancaires télétransmis — Code d'identification
des entreprises (BIC)
Reference number
© ISO 2022
All rights reserved. Unless otherwise specified, or required in the context of its implementation, no part of this publication may
be reproduced or utilized otherwise in any form or by any means, electronic or mechanical, including photocopying, or posting on
the internet or an intranet, without prior written permission. Permission can be requested from either ISO at the address below
or ISO’s member body in the country of the requester.
ISO copyright office
CP 401 • Ch. de Blandonnet 8
CH-1214 Vernier, Geneva
Phone: [phone]
Email: [e-mail]
Website: www.iso.org
Published in Switzerland
ii
Contents Page
Foreword .iv
Introduction .v
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
4 Conventions . 2
5 BIC structure . 2
5.1 Format and length of the BIC . 2
5.2 Element description . 3
5.3 BIC examples . 3
6 BIC data record . 3
7 Responsibilities . .4
8 International directory of BICs .4
Bibliography . 5
iii
Foreword
ISO (the International Organization for Standardization) is a worldwide federation of national standards
bodies (ISO member bodies). The work of preparing International Standards is normally carried out
through ISO technical committees. Each member body interested in a subject for which a technical
committee has been established has the right to be represented on that committee. International
organizations, governmental and non-governmental, in liaison with ISO, also take part in the work.
ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of
electrotechnical standardization.
The procedures used to develop this document and those intended for its further maintenance are
described in the ISO/IEC Directives, Part 1. In particular, the different approval criteria needed for the
different types of ISO documents should be noted. This document was drafted in accordance with the
editorial rules of the ISO/IEC Directives, Part 2 (see www.iso.org/directives).
Attention is drawn to the possibility that some of the elements of this document may be the subject of
patent rights. ISO shall not be held responsible for identifying any or all such patent rights. Details of
any patent rights identified during the development of the document will be in the Introduction and/or
on the ISO list of patent declarations received (see www.iso.org/patents).
Any trade name used in this document is information given for the convenience of users and does not
constitute an endorsement.
For an explanation of the voluntary nature of standards, the meaning of ISO specific terms and
expressions related to conformity assessment, as well as information about ISO's adherence to
the World Trade Organization (WTO) principles in the Technical Barriers to Trade (TBT), see
www.iso.org/iso/foreword.html.
This document was prepared by Technical Committee ISO/TC 68, Financial Services, Subcommittee
SC 8, Reference data for financial services.
This fifth edition cancels and replaces the fourth edition (ISO 9362:2014), of which it constitutes a
minor revision. The changes are as follows:
— Foreword: SC 7 has been replaced with SC 8;
— Introduction: the reference to the 2015/2018 implementation phase has been adjusted;
— 3.2 and 3.5: definitions revised;
— the style of the BIC structure in Clauses 4 and 5 has been aligned with the style used in the ISO 17442
series;
— minor editorial changes have been made.
Any feedback or questions on this document should be directed to the user’s national standards body. A
complete listing of these bodies can be found at www.iso.org/members.html.
iv
Introduction
This document specifies a universal method of identifying institutions within the financial services
industry, in order to facilitate automated processing of telecommunication messages in banking and
related financial transaction environments.
The implementation of this document was completed by the Registration Authority (RA), while taking
into account the market evolution and the need to ensure the document was neutral and agnostic from
any network.
v
INTERNATIONAL STANDARD ISO 9362:2022(E)
Banking — Banking telecommunication messages —
Business identifier code (BIC)
1 Scope
This document specifies the elements and structure of a universal identifier code, the business identifier
code (BIC), for financial and non-financial institutions, for which such an international identifier is
required to facilitate automated processing of information for financial services.
The BIC is used for addressing messages, routing business transactions and identifying business parties.
This document applies to organizations and excludes individual persons.
2 Normative references
The followi
...