In order to ensure error-free identification of parties in automated systems,S.W.I.F.T. developed the Bank Identifier Code (BIC). The Bank Identifier Code is a unique address which, in telecommunication messages, identifies precisely the financial institutions involved in financial transactions. This identification method was recognised by the International Organisation for Standardisation (ISO). This is a specialized international agency which co-ordinates the development of standards for a broad range of business activities. S.W.I.F.T. is the designated registration authority for the assignment of BICs and for the publication of BICs in the BIC Directory. This Directory lists both S.W.I.F.T. BICs ( BICs for S.W.I.F.T. users) and non-S.W.I.F.T. BICs (BICs for non-S.W.I.F.T. users). Non-S.W.I.F.T. BICs can be used when having to refer to a non-S.W.I.F.T. user in the text of financial messages. BICs are meant for universal usage and not just on the S.W.I.F.T. network. In the following pages we will illustrate for you through examples and explanations how to use the BIC correctly.
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