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.