Changes to the BIC code

BY Rebecca Randles ON 16th December 2014.

The BIC code- ISO 9362 Banking telecommunication messages – Business identifier code is one of the most used codes in the financial industry; used by  more than  108,000 companies, in 233 different countries. The Bic codes purpose  is to ensure banking messages get sent to the correct place, i.e. when  one wires  money from one bank to another.

As with all ISO standards, ISO 9362 receives periodic revisions. It was revised in  2011 and the key changes will include:

– New registration procedures

– Introduction of the BIC data record which allows for better identification of the  counter-parties  in the financial industry

The implementation of the standard will be completed by the Registration  Authority by the end of January 2015, but the former version, ISO 9362:2009,  will be continued to be respected over a transition period that ends in November 2018.