A Business Identifier Code, or BIC, is an ISO 9362 identifier used for financial and non-financial institutions in payments and other business messages. People often call it a SWIFT code. Swift notes that not every BIC is connected to the Swift network.
How is a BIC structured?
A BIC has eight characters, with an optional three-character branch identifier. Swift describes the core as a four-character business party prefix, two-letter country code and two-character business party suffix.
| Position | Purpose |
|---|---|
| Characters 1–4 | Business party prefix |
| Characters 5–6 | ISO country code |
| Characters 7–8 | Business party suffix |
| Optional 9–11 | Branch identifier |
What does a BIC not tell you?
A BIC does not by itself prove that an account number is correct, that the institution will accept the payment currency, or that the chosen route is available. A non-connected BIC can still be used as reference data but cannot send messages on Swift as a connected participant.
How should a business verify it?
Obtain Bank details from an approved source and independently confirm changes. The sending institution should validate the BIC and other routing data for the payment. Copying a code from an unrelated online directory can misroute or delay a transfer.
Source: Swift Business Identifier Code standard overview
See international vendor payments for the wider Recipient-verification workflow.
