ISO 9362: what the BIC revision changed
How ISO 9362 redefined the BIC (party prefix and suffix, connectivity as a directory attribute) and what Swift says about codes ending in 1 after 2018.
Official source: Swift, Information paper: ISO 9362 BIC implementation, changes and impact. Checked
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The standard and the registry
The BIC is defined in ISO 9362, and Swift is the registration authority appointed by ISO to allocate and issue BICs (Swift FAQ). Swift's information paper describes the revision from the 2009 edition to the 2014 edition, approved by ISO in January 2014 (the paper's timeline graphic says December 2013) (Swift).
What changed in the names
| Old term | New term | What Swift says |
|---|---|---|
| Institution code (1-4) | Party prefix | 4 alphanumeric characters; Swift still issues only alphabetic prefixes; no mnemonic meaning |
| Location code (7-8) | Party suffix | 2 alphanumeric characters with no specific meaning; location and time zone move to directory attributes |
| Country code (5-6) | Unchanged | Also published as directory attributes |
| Branch code (9-11) | Branch identifier, optional | A branch now needs a described organisational unit and operational address in the data record |
The format stays 8 characters plus an optional 3-character branch code (Swift). The current BIC policy of 20 January 2023 uses the revised words (Swift policy).
Position 8 and the digit 1
Under the old scheme, a 1 in position 8 meant the code was not connected to SwiftNet FIN. The information paper says the revision removed the network meaning: connectivity moved to a directory attribute, and Swift stopped issuing BICs ending in 1 when the transition ended in November 2018. Existing BICs were not modified (Swift). The 2023 policy still gives an 8-character BIC with 1 in the eighth position as the example of a non-connected BIC (Swift policy).
What this means for you: a BIC ending in 1 can be a valid older code. Do not guess from the characters whether a bank is connected; the directory says so. See non-connected BICs.
Other points from the paper
- Each BIC record has mandatory reference attributes such as legal name, registered address and a financial or non-financial status. The owner is responsible for accuracy and should confirm it at least once a year.
- Records are marked expired rather than deleted.
- Systems should not derive ownership, location or time zone from the characters of the prefix or suffix.
- Test and Training BICs still end in 0.
What we have not read
The current BIC directory itself. See sources.
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