Information paper

ISO 9362 BIC implementation: changes and impact

Implementation of the revised ISO 9362 Standard (BIC) will be completed at the end of the transition period in November 2018. This paper provides information to allow users to carefully plan and budget for systems or process changes, if any, to be prepared for the end of this transition period. ISO 9362 – BIC implementation: ISO 9362 – BIC implementation: Contents changes and impact Background changes and impact

Background 3 The Business Identifier Code (BIC) is a standard established

Standard revision 5 by the International Organization for Standardization (ISO).

Implementation approach for users 6 The standard is defined in ISO 9362:2014.

Areas not impacted 7 SWIFT has two roles with respect to the ISO 9362 standard. As a Existing BIC 7 network provider, SWIFT uses BICs in the network services (SWIFTNet BIC structure 7 and SWIFTNet FIN) that it offers. SWIFT also acts as ISO Registration Authority (RA) for the standard, and is responsible for its implementation. Alpha-numeric BIC 7 Country code 7 Users of the SWIFT network use BICs as the address for messaging and Test & Training BIC (T&T) 7 as an identifier within SWIFT messages sent over the network.

During transition period 8 A revised edition of the standard was approved by ISO in January 2014, New connectivity attribute 8 the implementation of which requires changes by the RA and the SWIFT New non-connected BIC 8 users. The implementation of the revised standard includes a transition New connected BIC 8 period that has started in January 2015 and will end in November 2018.

Existing non-connected BIC: change of connectivity status 9 This paper provides more details about the areas that are not impacted Exceptional cases 9 by this revision, the changes resulting from the implementation of the BIC data record 10 revised standard, and the potential impacts from each of the changes

Type of business party (Financial / Non-Financial) 11 during and after the implementation transition period. SWIFT users should investigate the impacts of the revision and where necessary take Party prefix 12 the appropriate measures before the transition period ends in November Party suffix 13 2018. Data management 13 In addition to the standard, ISO defined BIC registration procedures that After the transition period 14 provide guidelines for the registration, publication and maintenance of Non-connected BIC 14 BICs issued in accordance with ISO 9362. It describes the core roles New non-connected BIC 14 and responsibilities of the different stakeholders participating in the

Existing non-connected BIC: change of connectivity status 15 registration, publication and maintenance of the BIC.

Existing connected BIC: change of connectivity status 15 The revised edition of the standard is published by ISO on BIC publication 16 www.iso.org and the final version of the BIC registration procedures Summary 17 document is published on www.swift.com. This new registration procedures document complements the new version of the Appendix 18 SWIFT BIC Policy also published on swift.com. Flow chart 19

BIC data record 20

Metadata attributes 21

2 3 ISO 9362 – BIC implementation: Standard revision ISO 9362 – BIC implementation: changes and impact changes and impact

The BIC was based on a data The revised edition of the standard removes position implies the organization is connected. This International Standard specifies references to the SWIFT network and Hence, today and until November 2018, when structure defined more than 30 introduces the concept of Business Party to an organization connects to- or disconnects years ago. At the time, the BIC identify the organization and the definition of from- SWIFTNet FIN, its BIC is deleted and the elements and structure of a was designed to package multiple a BIC data record with specific reference data replaced by a different BIC. This will no longer information within the code. The attributes (see BIC data record). be the case after November 2018. The only universal identifier code, the business It emphasizes that the responsibility for the exception will be for an organization with an BIC consisted of an institution accuracy and maintenance of the BIC Data existing non-connected BIC1 created before code, a country code, a location Record is with the owner of the BIC. The November 2018 that needs to be connected identifier code (BIC), for financial revision also calls for a better segregation of to the SWIFT network; in such case, the code and an optional branch code. the two roles of SWIFT as: organization will require a new BIC. and non-financial institutions, for ISO is responsible for maintaining the • ISO Registration Authority (RA) As RA, SWIFT has started implementing standards. The revision of the standard responsible for assigning BICs compliant the revised edition of the standard and the has been processed by a Working Group which such an international identifier with the standard and following the BIC new BIC registration procedures that were constituted by representatives from the registration procedures; deployed in January 2015 with a transition industry and approved through a voting • Service provider for network and period until November 2018. SWIFT as service is required to facilitate automated process managed within the ISO governance. directory services responsible for the provider has introduced enhanced directory operations of the networks and the services to help the community in support of The revision took into account market processing of information for identification of entities connected to the revised standard. evolution and addressed the need to ensure these networks. the standard was neutral and agnostic from Beyond the BIC registration procedures any network. It also made the BIC more financial services. The BIC is used The most significant change resulting from developed by ISO, SWIFT has updated the resilient going forward. this segregation is that after November BIC Policy that defines the rules applicable 2018, the connection or disconnection of an to users of BIC on the SWIFT networks: for addressing messages, routing The structure of the BIC remains unchanged; organization to a SWIFT network service will SWIFTNet and SWIFTNet FIN. the BIC is still an 8 character code with 3 no longer require the change of its BIC. This is optional characters for the addition of a branch business transactions and identifying not the case today, because a ‘1’ in position identifier. The elements within the code are re- 8 of a BIC implies that the organization is not defined. The figure below compares the 2009 connected to SWIFTNet FIN (previously known business parties. This standard edition of the standard with the revised, 2014 as “BIC1”), and any other character in this applies to organizations and excludes edition. individual persons. Institution Code (identify an institution (group) worldwide)

Country Code = ISO 3166-1 Current edition Position 7 = time zone indicator of ISO 9362 Location Code Position 8 = network indicator, 1 = not connected to SWIFT (2009) Branch Code

an = alpha-numeric BIC format 4an 2a 2an [3an] a = alphabetic [ ] = optional

New edition Branch Identifier of ISO 9362 Business party suffix (2014) Country Code = ISO 3166-1 Business party identifier

Business party prefix

4 5 Implementation approach ISO 9362 – BIC implementation: Areas not impacted ISO 9362 – BIC implementation: changes and impact changes and impact for users

This paper provides the details An initial impact analysis involving a broad During this long transition period, users should In this section, we detail items that SWIFT, as RA, has no plan to issue BICs with representation of SWIFT users, software also consider evolving business requirements numeric characters in the first 4 characters. about each of the changes vendors and service vendors from different and natural replacement of legacy systems are not impacted by the revised and their impacts. From a countries concluded that the perspective on which can also minimize the impacts of the standard and for which nothing If applications have implemented restrictions user perspective, as the BIC is the changes and the related costs differ within standard revision. changes. on the allowed characters, it would be good propagated in many systems; each organization depending on the business practice to remove this restriction at the domain, the installed systems and the desire Existing BIC occasion of a software update to respect the effort is required to identify these to integrate and benefit from the enriched standard specification of 4 alpha-numeric information. characters. systems, analyze the potential The revision of the standard and the new registration procedures protect the legacy impacts and take corrective To allow users of BIC to move smoothly implementation and all existing BICs are kept Country code measures, where needed, before to the new standard edition and minimize unchanged. unnecessary disruption to legacy November 2018. The notion of country code remains arrangements, ISO approved a nearly 4-year unchanged and included in position 5 and 6 transition period that started in January 2015. BIC structure of the BIC. To facilitate database management and instead of deriving the country information The structure of the BIC remains unchanged. from the BIC itself, SWIFT has introduced The BIC is an 8 character code, now defined additional attributes in the SWIFTRef as ‘business party identifier’ consisting of the directories where applicable to also list the party prefix (4 alpha-numeric), the country country name and country code. Dec Jan Nov code (2 alpha) and the party suffix (2 alpha- 2013 2015 2018 The list of country codes is defined in the ISO numeric). The branch identifier remains a 3 3166 standard that establishes a universally character optional element of the BIC known applicable code for the representation of the as the branch code and used to identify names of the principal administrative divisions specific locations, departments, services or of countries and territories. The country code RA units of the same business party. identifies the country or geographical territory in which the organization is located. It consists Alpha-numeric BIC of two alphabetical characters. The country Users code must reflect the geographical location of ISO 9362 in its previous editions already the registered address of the organization. allowed for alpha-numeric value of the first 4 — Standard — New processes — End of characters of the BIC. In its implementation, approved — Enhanced directories transition period SWIFT has been more restrictive and has Test & Training BIC (T&T) — Start of transition period always applied only alphabetic values. This Test & Training (T&T) is a specific feature of continues after the implementation of the the SWIFTNet FIN service. BICs ending with revised standard as well. As the number of a ‘0’ – zero, in position 8 are addresses only potential combinations of 4 alpha characters used for the T&T service. These addresses adds up to 456,976, with about 110,000 BICs are not published in the directory of BICs. This currently issued, we are obviously not short of convention will not change and only addresses combinations. used for the T&T service will end with ‘0’ in position 8. To allow users of BIC to move smoothly to the new standard edition and The revision of the minimize unnecessary standard and the new disruption to legacy registration procedures arrangements, ISO protect the legacy approved a nearly 4-year implementation and all transition period that existing BICs are kept started in January 2015. unchanged.

6 7 During transition period ISO 9362 – BIC implementation: ISO 9362 – BIC implementation: changes and impact changes and impact

SWIFT, as Registration Authority, New connectivity attribute During the transition period, the new attribute 3. Existing non-connected BIC: change of connectivity status has implemented the revised remains consistent with the information Until the end of the transition period, the that is contained in position 8 of the BIC. From the start of the transition period, this process has been improved to introduce a co- standard at the end of January position 8 of the BIC determines if the BIC The attribute will also provide connectivity existence period of 1 month for the old non-connected BIC and the new connected BIC. This 2015 which marked the start of is connected or not to the SWIFTNet FIN information related to the SWIFTNet network improvement prevents the overnight deletion of the old non-connected BIC and its immediate the transition period. To mitigate network. If position 8 equals “1”, the BIC is services, such as InterACT (IA) and FileAct replacement by the new connected BIC, which resulted in operational issues for both the not connected, any other character (except (FA), in addition to the SWIFTNet FIN service organization itself and for the community of users. the operational impacts on the ‘0’) denotes connection to SWIFTNet FIN. If (FIN). users of this standard and to allow an organization changes network connectivity BIC Date Event Type FIN IA FA users to implement the changes status to SWIFTNet FIN, the existing BIC is An improved BIC allocation process has been deleted and replaced by a new BIC with a implemented from the start of the transition ABCDBEB1 01/09/2012 BIC ISSUED N N N at their own pace, the transition different character in position 8. to eliminate aspects of the process that ABCDBEBB 01/03/2017 BIC ISSUED Y N N period will end in November 2018. are known to cause operational issues for This convention will be withdrawn at the end users of the standard. The new process and ABCDBEB1 01/04/2017 BIC EXPIRED N N N A flow chart illustrating the creation of a new of the transition period. the changes are described in the following BIC during and after the transition period is sections. 4. Exceptional cases provided in appendix. SWIFT has introduced a new data attribute in SWIFTRef directories to indicate the network connectivity status of each BIC (see BIC In some exceptional cases such as an organization with a connected BIC losing its banking publication section below). license, or a market authority, regulator or central bank requesting SWIFT to disconnect an organization from its network, the current process requires the immediate removal of the BIC Connectivity status FIN IA FA BIC example from the SWIFT network and the deletion of the connected BIC. No SWIFTNet FIN, No IA & FA N N N ABCDBEB1 This process is improved to allow for the continued availability of a non-connected BIC for the SWIFTNet IA & FA but No SWIFTNet FIN N Y Y ABCDBEB1 organization if the organization continues to exist. The connected BIC is expired on request at the time of the event and replaced by a non-connected BIC. This process will continue until the SWIFTNet FIN, IA & FA Y Y Y ABCDBEBB end of the transition period.

1. New non-connected BIC BIC Date Event Type FIN IA FA ABCDBEBB 01/09/2012 BIC ISSUED N N N During the transition period, this process is not changed. All existing BIC remain unchanged and a request for a new non-connected BIC still results in a BIC ending with ‘1’ in position 8. The ABCDBEB1 15/03/2017 BIC ISSUED Y N N new FIN connectivity status attribute also indicates the ‘non-connected’ status. ABCDBEBB 15/03/2017 BIC EXPIRED N N N

BIC Creation Date Name FIN IA FA WXYZUS31 01/09/2008 MyBank Inc. N N N ABCDBEB1 01/02/2017 Alpha Bank s.a. N N N

2. New connected BIC

From the start of the transition period, this process has been improved and simplified: the new connected BIC is only created when the organization is connected to the network. This improvement prevents the confusion caused by the historical process of adding and quickly deleting a non-connected BIC upon the creation of a new connected BIC.

BIC Creation Date Name FIN IA FA ABCDBEBB 01/02/2017 Alpha Bank s.a. Y N N

8 9 ISO 9362 – BIC implementation: ISO 9362 – BIC implementation: changes and impact changes and impact

BIC data record The ISO 9362 Registration Procedures For existing BICs, the RA has collected all Type of business party (Financial / 2. Non-financial institution (NFIN) document accompanying the standard data available to SWIFT to populate the Non-Financial) The new edition of the standard introduces the describes the roles and responsibilities of the data attributes in the BIC data record and Organization that does not meet the criteria 1 stakeholders intervening in the registration is requesting the BIC owners to complete, defined above, primarily established to offer notion of a BIC data record with a minimal set Since the 2009 revision of the standard, BICs and maintenance of the BIC data record: the validate or update the information attached goods or perform services other than financial of mandatory reference data attributes: are attributed to financial and to non-financial ‘applicant’ is the organization requesting the to all of their existing BICs. It is important that services. Some non-financial institutions may institutions. The 2014 revision of the standard registration of a BIC for itself or for a third- BIC owners understand their responsibility have secondary financial activities such as • The full legal name of the Business Party now also clearly defines the two institution party. regarding the accuracy of the information providing consumer credit to their customers, • The registered address of the Business types2: attached to their BICs like they expect other or treasury functions. Party The applicant is responsible for the BIC owners to maintain their respective BICs However, such corporations will be classified • The status of the Business Party: financial 1. Financial institution (FIIN) institution or non-financial institution correctness and completeness of the and related information. If every BIC owner on the basis of their main activity in the non- information attached to the BIC and remains maintains its own information, the whole financial sector. (see below) Organization that is principally engaged in ultimately responsible for the ongoing community of BIC users will benefit from high • The date of publication of the new record financial intermediation and/or in auxiliary accuracy of its data record which it should quality data on their counterparties which is The applicant must provide this information • The date of last update of the record financial activities. Typically, the activity of update every time it is needed. essential in the financial crime compliance, at registration of the BIC and SWIFT has • The date of expiry of the record (when a financial institution is the acquisition of KYC, AML and due diligence processes. introduced this new reference data attribute in applicable) financial assets while incurring liabilities on The RA is responsible for processing the the directory. For existing BICs, the attribute • An indication if the record is self- its own account by engaging in financial registration requests and publishing the BIC has been allocated based on information maintained. transactions in a market; for the purposes data records. As part of the implementation of known to SWIFT. It is the responsibility of the of providing payment, securities, banking, the updated standard, SWIFT has introduced BIC owner, as described above, to validate When a branch identifier is present, the branch financial, insurance, or investment services or enhanced tools to facilitate the maintenance of this information and provide corrections as element shall include at least the description activities. of the organizational unit of the Business Party the records and remind users at least once a necessary. year of their obligation to review the accuracy such as a specific location, department, or A financial organization shall either be: of the BIC data records. This information is consistent with the SWIFT service identified by the branch identifier and • (i) licensed by or (ii) authorised by or User Categories; for more information on the its operational address. (iii) registered with a Financial Market SWIFT User Categories, please consult the Regulator, and is subject to supervision SWIFT User Handbook on swift.com. by a Financial Market Regulator • or an international, supranational, intergovernmental or national governmental body, or institution that, as a main activity, engages in payment, securities, banking, financial, insurance, or investment services or activities (including central banks).

BIC Branch Name Institution CHASUS33 XXX JP Morgan Inc FIIN AIRFFRP1 XXX Air France – KLM s.a. NFIN It is important that BIC DEUTDEFF XXX Deutsche Bank AG FIIN owners understand their CCHBNL2A XXX Coca Cola Finance bv NFIN responsibility regarding the accuracy of the information attached to their BICs like they expect other BIC owners to maintain their respective BICs and related 2 All examples shown in this document are for 1 A detailed field list is provided in appendix information. illustration purposes only

10 11 ISO 9362 – BIC implementation: ISO 9362 – BIC implementation: changes and impact changes and impact

Party prefix Anomalies include the following: Party suffix Data management

Historically, once the Party Prefix (first 4 • “Bank of New York Mellon” is still using Currently, position 7 of the BIC determines The BIC data record also introduces new characters of the BIC), previously known the BICs IRVTUS33 from the time the the location of the BIC in a particular country. metadata attributes to facilitate database as Institution Code, was allocated to an organization was named “Irving Trust In a country spanning over multiple time management for the users of the BIC. organization, SWIFT reserved that code Bank” and MELNUS33 from the “Mellon zones, each character can define a different for that organization or group of affiliated Bank”. time zone. If an organization moves location These attributes complement the modification organizations. In practice, not all organizations • Royal Bank of Scotland and ABN Amro to a different time zone within the same flags applied in the SWIFTRef directories: use this unique code for their group of Bank own separate legal entities that use country, the existing BIC should normally be • A = Added affiliated organizations worldwide. Moreover, the first 4 characters ABNA, sometimes deleted and replaced by a new BIC with the • M = Modified the dynamic nature of financial markets and, even in the same country. appropriate location code. • D = Deleted more specifically, mergers, acquisitions, re- • U = Unchanged structuring or divestments, have highlighted The revision of the standard introduces the With the revision of the standard, the the limitations of this rule. notion of meaningless party prefix replacing location code is re-defined as a ‘party suffix’ The new attributes are: the ‘Institution code’. From the start of the without any specific meaning. The SWIFTRef • The date of publication of the new Deriving the organization owning the BIC from transition period, SWIFT has implemented directories now contain an attribute to indicate record, the code itself is unreliable. Aggregation of new rules related to the first 4 characters of where the institution is located and to which • The date of last update of the record, exposure at an organization or group level is the BIC: time zone it refers. • The date of expiry of the record (when not possible through the value of the BICs. applicable), • For new BIC registration by an • The type of event of the record Following a corporate action event, for organization already identified with a BIC (e.g. name changed, connectivity example, organizations often do not change or an affiliated organization, SWIFT still changed,…), their BICs due to the high costs involved. reserves the usage of an existing party • An indication if the record is self- Such costs are impacting the whole prefix to these organizations. This legacy maintained. community and beyond as changing a BIC rule is limited to existing BIC owners. If implies a very extensive communication and they wish to preserve this value, no other These attributes will be generated related system changes. organization will be allowed to use the automatically by the SWIFT database same code. management system. The main difference with • For new BIC registration from an the existing modification flags is that a BIC organization not yet identified by a data record will no longer be deleted when a BIC, the party prefix is allocated at the BIC ceases to exist, but, instead, the record discretion of the RA. The code does will be marked ‘expired’ with a date of expiry. not have a mnemonic or acronym value This will allow users of the data to maintain anymore. historical information on BICs.

BIC Name Detail The indication of ‘self-maintenance’ is introduced to identify whether the record is SOGEFRPP Societe Generale s.a. Existing BIC for Societe Generale France maintained by the organization it identifies or if SOGEZWHH Societe Generale Ltd New BIC for Societe Generale Zimbabwe it is registered and maintained by a third-party. This metadata attribute also provides a sense PQRSZWHH New Bank Ltd New BIC for New Bank Zimbabwe of ‘record quality’ in terms of accuracy and maintenance of the data attributes.

A table with scenarios on the application of these new attributes is shown in appendix.

12 13 After the transition period ISO 9362 – BIC implementation: ISO 9362 – BIC implementation: changes and impact changes and impact

The end of the transition period Non-connected BIC 2. Existing non-connected BIC: change of This means that there will not be a BIC with has been set with ISO approval connectivity status “1” in position 8 connected to SWIFTNet FIN. After the transition period, users should Following user consultation, it is estimated that for November 2018. On purpose, only rely on the network connectivity status All existing non-connected BICs created this significantly reduces technical impacts the end of the transition period attribute introduced in the SWIFTRef before November 2018 (still with “1” in from the implementation of the standard coincides with the 2018 SWIFT directories and no longer compute the position 8) that connect to SWIFTNet FIN revision. connectivity status from the intelligence will continue to be requested to register a Standards Release (SR 2018) to contained in position 8 of the BIC. new BIC. To minimize operational impacts, enable users that would still have the process introduced at the start of the 1. New non-connected BIC transition period will continue to exist. The to make changes in their systems two BICs will co-exist for a period of 1 month at the end of the transition period All existing non-connected BICs will be after which the old non-connected BIC will be to bundle them with the changes preserved but the Registration Authority will expired. related to SR 2018 and reduce the no longer assign new BICs ending with “1” in position 8 of the BIC. BIC Date Name Event Type FIN related project overhead. ABCDBEB1 01/09/2012 Alpha Bank s.a BIC ISSUED N This means that after November 2018 there After the transition period, some changes will exist BICs that are not connected to ABCDBEBB 01/04/2019 Alpha Bank s.a BIC ISSUED Y could still have operational impacts and it is SWIFTNet FIN but that will not end with ‘1’ in ABCDBEB1 01/05/2019 Alpha Bank s.a BIC EXPIRED N important that users assess these impacts in position 8 and users can thus no longer rely due time. The main impact could most likely on the value of position 8 of the BIC. be related to the system behavior related to However, if the existing non-connected BIC is the notion of non-connected BICs. created after the end of the transition period, then position 8 will not be a “1” and this BIC An example of a high-level project timeline will remain unchanged upon connection to with backwards planning could be: SWIFTNet FIN, only the connectivity attribute • Deadline = Nov 2018 will be modified. • Testing and implementation = 2018 • Development = H2 2017 BIC Date Name Event Type FIN • Identification of impacted systems and ABCDBEBB 01/05/2019 Alpha Bank s.a BIC ISSUED N requirements specifications = H1 2017 BIC CONNECTIVITY ABCDBEBB 01/12/2019 Alpha Bank s.a Y CHANGED BIC Date Name FIN WXYZUS31 01/05/2016 Mybank Inc N 3. Existing connected BIC: change of JKLMGB22 01/05/2019 Big Bank Ltd. N connectivity status

ABCDBEBB 01/05/2019 Alpha Bank s.a. Y After the end of the transition period, only the connectivity status attribute will be modified.

BIC Date Name Event Type FIN ABCDBEBB 01/09/2012 Alpha Bank s.a BIC ISSUED Y BIC CONNECTIVITY ABCDBEBB 01/12/2019 Alpha Bank s.a N After the transition period, CHANGED some changes could still have operational impacts and it is important that users assess these impacts in due time.

14 15 BIC Publication ISO 9362 – BIC implementation: Summary ISO 9362 – BIC implementation: changes and impact changes and impact

To minimize impact on users, the The (legacy) BIC directory will be All BIC Plus subscribers get, by default, What has not changed What has changed decommissioned in November 2018. BIC access both to BIC Plus and BIC Directory existing BIC directory has not directory users should therefore take the 2018 files. been modified and will continue to opportunity of the transition period to get • Existing connected and • BIC owners are responsible for be produced until the end of the familiar with the notion of attributes as Technical specifications for the BIC Plus are non-connected BICs are not the maintenance of the data described above and adapt their systems, available from the SWIFTRef download portal. changed related to their BICs and must transition period. if needed, to use the information contained in the data attributes instead of deriving For the SWIFTAlliance users, SWIFT has • Structure of the BIC is not keep it up-to-date and confirm potentially inconsistent information from the developed an enhanced Alliance Bank File that changed the accuracy at least once a characters of the BIC. supports the revised ISO 9362 standard. • There will always be connected year To serve its users, SWIFT has developed and The update 7.1.15 of the Alliance Access / and non-connected BICs • The SWIFTRef BIC delivers a new directory of BICs (BIC Plus) Entry software supports this new enhanced Plus directory contains containing the BIC data record set by the ISO Bank File as well as the SWIFTRef Bank enriched data and replaces BIC standard. BIC Plus will co-exist with the legacy Directory Plus product. The Alliance Access BIC Directory until November 2018. BIC / Entry software exploits the connectivity directory that is directory users will need to adapt their back- status data from the new attributes instead of decommissioned office systems and adopt the new directory at deriving the connectivity status from the • After the end of the transition their best convenience, but before the end of intelligence contained in the 8th character of phase, SWIFT will no longer the transition period. the BIC. issue BICs with “1” in position 8 For users that would not want to take •A change of connectivity status advantage of the enriched information does no longer systematically contained in the new BIC Plus directory and that would not be prepared for the imply the expiry and creation of decommissioning of the BIC directory, a new BIC SWIFTRef will make available a workaround solution named ‘BIC Directory 2018’. This directory will maintain the same file structure as the current BIC directory and will contain the connectivity and time zone attributes in existing fields of the BIC directory structure.

For more information, please visit www.swift.com/BIC.

16 17 ISO 9362 – BIC implementation: Appendix ISO 9362 – BIC implementation: changes and impact changes and impact

BIC owners are responsible for the Flow chart maintenance of the data related to their BICs and must keep it up-to- DURING TRANSITION New BIC date and confirm the accuracy at least once a year. Y N FIN Y / N

NEW BIC = NEW BIC = ABCDBEBB ABCDBEB1

FIN:Y IA:N FA:N FIN:N IA:N FA:N

NEW BIC = AFTER TRANSITION ABCDBEBB

Y N FIN Y / N

FIN:Y IA:N FA:N FIN:N IA:N FA:N

18 19 BIC Data Record Metadata attributes

ISO defined fields available in the ISO 9362 directory of BICs Alignment between current directory ‘modification flags’ and new metadata attributes • A = added • M = modified Field Name Data • U = unchanged RECORD CREATION DATE First publication date • D = deleted

LAST UPDATE DATE Field Name Scenario 1 Scenario 2 Scenario 3 Scenario 4

RECORD EXPIRATION DATE MODIFICATION FLAG A M U D

MAINTENANCE INDICATOR Self / third-party application RECORD CREATION DATE 01-Mar-15 01-Mar-15 01-Mar-15 01-Mar-15

BIC Business Party Identifier LAST UPDATE DATE 01-Mar-15 01-Jul-15 01-Jul-15 01-Jul-15

BRANCH IDENTIFIER Branch element RECORD EXPIRATION DATE - - - 01-Dec-16 COUNTRY CODE ISO-3166-1

REGISTERED NAME Full legal name as listed in National Registers • Scenario 1 = Creation of a new BIC on 01 March 15 BRANCH INFORMATION Branch specification • Scenario 2 = Address change of existing BIC on 01 July 15 • Scenario 3 = New publication of existing BIC without change INSTITUTION CLASSIFICATION Financial / non-financial institution • Scenario 4 = BIC ceases to exist on 01 December 16 REGISTERED ADDRESS - Street name

REGISTERED ADDRESS - Building

REGISTERED ADDRESS - Floor

REGISTERED ADDRESS - Street number

REGISTERED ADDRESS - Post code / Zip

REGISTERED ADDRESS - City

REGISTERED ADDRESS - Region, Province, State

REGISTERED ADDRESS - Country

SWIFT additional data fields available in the SWIFTRef directories

Field Name Data

PREVIOUS REGISTERED NAME Previous value when registered name change

INSTITUTION TRADING NAME Name defined by the applicant

OPERATIONAL ADDRESS Country, City, Street,…

IDENTIFIER TYPE Legal entity, Branch, Operational

EVENT TYPE Change description related to the BIC

NETWORK CONNECTIVITY SWIFTNet InterAct, SWIFTNet FileAct, SWIFNetFIN

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