The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Swift Provides Rules for BIC Usage and Launches Awareness Campaign

As stated during Reference Data Review’s exclusive interview with Paolo Bernini, head of information products at Swift, last week, the industry owned cooperative has published a Bank Identifier Code (BIC) policy document to detail the rules for registration and usage of the codes. Swift has also launched a new awareness and information gathering campaign to spread the knowledge about the BIC Policy and to collect additional information from the community about all registered BICs.

The BIC Policy consolidates all existing rules about BIC registration and usage in one reference document to facilitate consultation and compliance with the rules, says Swift. This and the awareness campaign are in keeping with the plans described by Bernini last week. “Our top priority at the moment is to keep the market aware of what we are doing and we hope to come to some sort of conclusion in the next three to six months with regards to progress (towards developing business entity identification standards around the BIC),” he told Reference Data Review.

Over time, institutions have registered one or more BICs for different operational or organisational purposes and from a community perspective this means that one institution is not always identified by a single identifier, according to Swift. The market has therefore asked the industry network provider to improve the identification of institutions using multiple BICs. As a result of this feedback, Swift is planning to include and publish additional attributes for every BIC record, including legal name, registered address and a unique BIC. The enriched directories will be deployed during 2010.

In the coming weeks, Swift users will receive a form with their institution’s BIC data, which they must complete with the additional information that is required. This is with a view to enriching the Swift BIC directory and will facilitate effective counterparty identification and the subsequent exposure and credit risk management. Swift is the designated ISO registration authority for BIC and the ISO standard 9362 was extended to include financial and non-financial institutions in September this year. The BIC provides an identifier for institutions within the financial services industry to facilitate automated processing of telecommunication messages in banking and related financial transaction environments.

Related content

WEBINAR

Upcoming Webinar: The post-Brexit UK sanctions regime – how to stay safe and compliant

Date: 11 March 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes When the Brexit transition period came to an end on 31 December 2020, a new sanctions regime was introduced in the UK under legislation set out in the Sanctions and Anti-Money Laundering Act 2018 (aka the Sanctions Act). The...

BLOG

Adapting your Data Strategy and Best Data Management Practices for Today’s New Normal

Many data managers are having to work fast to adapt their data strategy to today’s new normal and are finding that this is providing a catalyst for change and digital transformation. This crucial theme is something we’ll explore in detail with many of the industry’s leading practitioners from HSBC Securities Services, UBS Asset Management, Société Générale, Scotiabank, Black...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Regulatory Data Handbook 2019/2020 – Seventh Edition

Welcome to A-Team Group’s best read handbook, the Regulatory Data Handbook, which is now in its seventh edition and continues to grow in terms of the number of regulations covered, the detail of each regulation and the impact that all the rules and regulations will have on data and data management at your institution. This...