If it is equal to '2', then it typically denotes a “reverse billing” BIC, meaning that the recipient of the message has to pay for the message.If it is equal to “1”, then it denotes a passive participant in the SWIFT network.If it is equal to “0”, then it typically is a BIC assigned for testing purposes (as opposed to a BIC used on the live network).“FF” is the code for “Frankfurt”, “KK” is the code for Copenhagen, etc.) and also the second character (8th in the B.I.C.) sometimes carries this information: Section 3 (7th and 8th characters “ CC”): These characters represent a location code (e.g. For example, “US” for “UNITED STATES”, “GB” for “UNITED KINGDOM”, CA for “CANADA”, etc. Section 2 (5th and 6th characters “ BB”): This two-letter code represents the country of this particular institution’s branch and follows the ISO 3166-1 alpha-2 standard for representing country codes. For example, “CHAS” is used for “JPMORGAN CHASE BANK” Section 1 (the first 4-characters “ AAAA”): This code is used to identify the institution’s global presence (all branches and all divisions around the world). It can be broken down to these sections: AAAA – BB – CC - DDD Let's take this imaginary 11-character swift code: AAAABBCCDDD

Whenever an eight-character code is used, then it is referring to the headquarters (main office) of the institution.Here is how an 11-character code is broken down and what each section of characters represents. They consist of eight or eleven characters.

Swift codes are broken down into sections, in the same way telephone numbers are broken into sections, and every section reveals some information about the institution that was assigned this code. The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. stands for “Bank Identifier Codes” (“bank” instead of “business”) but that is incorrect since non-financial institutions can also join the swift network.Ī “ BIC code” can be seen by many different names, like “ SWIFT code” (most common), “ SWIFT ID”, “ SWIFT-BIC”, “ SWIFT address”, “ BEI” (that comes from “Business Entity Identifier”), or even “ ISO 9362”, which is the standard format that has been approved by the ISO organization. These codes were initially introduced by the SWIFT organization as “swift codes” but were later standardized by the International Organization for Standardization (ISO) as “BIC” meaning “Business Identifier Codes”.

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