Overview

Specifies the elements and structure of the business identifier code (BIC), a universal identifier for financial and non-financial institutions used to address messages, route transactions and identify business parties.

ISO 9362:2022 specifies the elements and structure of a universal identifier code, the business identifier code (BIC), for financial and non-financial institutions. The BIC is used for addressing messages, routing business transactions and identifying business parties. The 2022 edition is the fifth edition and replaces ISO 9362:2014, which is withdrawn.

Note on scope — BIC is not LEI. ISO 9362 defines the BIC, commonly known as the SWIFT code. It is not the Legal Entity Identifier; the LEI is defined by ISO 17442 and serves a different purpose. The BIC identifies an institution for the purpose of message addressing and transaction routing; the LEI identifies a legal entity for the purpose of regulatory reporting and counterparty identification. Many institutions hold both, and mappings between them are maintained, but they are distinct identifiers with distinct registration authorities and distinct uses.

Structure of the code. A BIC is composed of a business party prefix identifying the institution, a country code identifying the country or territory of the location, a business party suffix identifying the location, and optionally a branch code identifying a specific branch or department. The result is the familiar 8-character or 11-character code seen on international payment instructions. Codes may be connected to the messaging network or not, a distinction reflected in how they are registered and published.

Registration. The BIC scheme operates under a registration authority appointed under the standard. Institutions apply for BICs, and the registration authority publishes the directory of issued codes. This centralized registration is what makes the identifier globally unambiguous — the value of the BIC lies entirely in the guarantee that a given code refers to exactly one party.

Use in payments and messaging. The BIC is used in cross-border payment instructions, in correspondent banking arrangements, in securities settlement, and as a party identifier in financial messaging. It appears alongside ISO 13616, which defines the International Bank Account Number (IBAN), in international credit transfers, and it is used as a party identifier within ISO 20022 financial messages, the message standard now used for high-value payment systems in many markets. ISO 3166 supplies the country codes embedded in the BIC structure.

Certification. ISO 9362 is a technical identification standard. There is no certification of organizations against it; institutions instead obtain and use BICs through the registration authority, and conformity is a matter of correct code structure and registration rather than audit.

Purpose

To define a universal, unambiguous identifier code for financial and non-financial institutions that can be used for addressing messages, routing business transactions and identifying business parties in international financial communication.

Key Benefits

• Globally unambiguous identification of financial and non-financial institutions
• Underpins cross-border payment addressing and routing
• Compact, structured format usable in constrained message fields
• Centrally registered, ensuring one code refers to exactly one party
• Interoperable with ISO 20022 messaging and ISO 13616 IBAN
• Supported by an established registration authority and published directory

Key Requirements

• Construct BICs using the defined business party prefix, country code, business party suffix and optional branch code
• Use ISO 3166 country codes within the BIC structure
• Register codes with the designated registration authority
• Distinguish connected and non-connected BICs as defined
• Apply BICs consistently in message addressing and party identification
• Maintain registration details as institutional information changes
• Do not substitute the BIC for the Legal Entity Identifier defined in ISO 17442

Who Needs This Standard?

Banks and payment service providers, treasury and corporate payments teams, financial messaging and payment systems developers, securities settlement and custody operations, and organizations implementing ISO 20022 migration.

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