Identifying banks and financial institutions. Bank Identifier Code (BIC). SWIFT code.
ISO 9362
ISO 9362 is the international standard that specifies the Bank Identifier Code (BIC), also known as the SWIFT Code. This standard is crucial for identifying banks and financial institutions globally when conducting international money transfers and communications.
Primary Purpose: Identifies banks and financial institutions
Level of Identification: Bank level (institution)
Key Features of ISO 9362
Format: A BIC typically consists of 8 to 11 characters.
The structure is as follows:
- 4 characters for the bank code (letters only)
- 2 characters for the country code (ISO 3166-1 alpha-2)
- 2 characters for the location code (letters and digits)
- 3 characters for the branch code (optional, letters and digits)
Example: DEUTDEFF (Deutsche Bank, Germany)
Purpose: BICs uniquely identify banks and financial institutions in international transactions, ensuring that funds are sent to the correct entity.
Usage: BICs are used in various financial messages and protocols, including SWIFT messages, which facilitate secure and standardized communication between banks.