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There are some banks using (9+3) 12 digit SWIFT codes, but no information is available at SWIFT website regarding these new version of codes comparing old (8+3) 11 digit codes. Is there anybody else who can put some light on the issue?
12 digit BIC includes the Logical Terminal for swift, as the 9th character,
stupid but historical position to place it, and it does not form part of ISO-9362.
8 char BIC = (4 char Business/Bank Code) + (2 char Country code) + (2 char Location Code)
11 char BIC = (4 char Business/Bank Code) + (2 char Country code) + (2 char Location Code) + (3 char Branch Code)
12 char BIC = (4 char Business/Bank Code) + (2 char Country code) + (2 char Location Code) + (1 char Logical terminal) + (3 char Branch Code)
You would be amazed to know that SWIFT codes are not even much authentic itself! There are banks in the world which are using more than 11 digit of SWIFT code by mistake for years and SWIFT system can't detect those. SWIFT works like a FAX machine or just a relaying machine without verification of contents including its own BIC/SWIFT codes.
Isn't it VERY FUNNY that the whole banking systems of the world are working on a BIG security breach that is even certified by ISO!!!
Without correct Username & Password you can't even log into a FREE email account BUT you can transact billions of dollars through SWIFT easily! ;-)
--- To my knowledge, usually every standard needs to be validated before its apporval and I believe that ISO is working on that. However, the issue of overlaping among BIC, BIN and IBAN remains controversial. If there is a protocol to harmonize the three applicaitons, that would be beneficial.
The following example is how pharmaceutical industry to harmonize different standards.
Suppose there is a chemical Sodium Chloride which is made following Pharma GMP protocol.
In a GLP qualified lab, if the chemical passes the test against United States Pharmacopeia (USP), it is of the one star quality for drug use and can be cosumed within the US.
If it passes the tests of British Pharmacopoeia (BP) and USP, it is of the two star quality for drug use and can be consumed within the Britain and US.
If it passes the tests of Japanese Pharmacopoeia (JP), USP and BP, it is of the three star quality for drug use and can be consumed among Japan, Britain and US.
If it passes the tests of European Pharmacopoeia (EP), USP, BP and JP, it is of the 4 star quality and so on.
Why is it ranked in that way? Because these Pharmacopoeia are the toppest levels of the pharma standards recoganized in the world so far.
In addition to that the chemical has its own laboratory, analytical and other different grades of its standards.
If the laboratory grade chemical is to use for analytical purposes, it has to be subjected for the testing against the specifications of analytical standards to get upgrade.
These kinds of protocols have been practiced widely in the pharma industry to cate for economic demands and safety measures.
As long as the level of the standard perfomrance or risk is labelled, it is up to users to chose which one to go. Similar practices have been adoppted in the hotel/motel rankings and coach (bus and sport) classing.
I removed the following content from the page, as it didn't *seem* to have anything to do with SWIFT codes. If I'm mistaken, please provide an appropriate citation...
Mordecai-Mark Mac Low
20:24, 7 February 2007 (UTC)
I removed the information below from the page (ie everything), because the whole lot is simply cut and past from a commercial site http://www.bankingswiftcodes.com/index.html I am sure it is all accurate, but it is plagiarism. Sad mouse 16:04, 27 September 2007 (UTC)
ISO 9362 (also known as BIC code or SWIFT code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization. It is the unique identification code of a particular bank.
It can be found on account statements. It is necessary for sending money across countries. It may be found on currency. These codes are used when transferring money between banks, particularly international transfers.
The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number.
The code is 8 or 11 characters, made up of:
Where an 8-digit code is given, you may assume that it refers to the primary office.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) handles the registration of these codes. For this reason, Bank Identifier Codes (BICs) are often called SWIFT addresses or codes.
There are over 7,500 "live" codes (for partners actively connected to the BIC network) and an estimated 10,000 additional BIC codes which can be used for manual transactions.
Examples As an example, Deutsche Bank is an international bank; its head office is based in Frankfurt, Germany. Its SWIFT code for its primary office is DEUTDEFF:
Using an extended code of 11 digits (if the receiving bank has assigned branches or processing areas individual extended codes) allows the payment to be directed to a specific office. For example, DEUTDEFF500 would direct the payment to an office of Deutsche Bank in Bad Homburg.
I removed this claim from the article:
I guess that's technically true, since everything might be found there, but I don't think any currency would contain a SWIFT code, because it doesn't make sense: the code identifies a bank, not a currency. AxelBoldt 00:42, 6 November 2007 (UTC)
The article is very vague on the correct name: as I understand it, they were called SWIFT codes because they are issued by SWIFT and did not have a proper name. Now SWIFT has called them BIC. Is this right? The article uses all names without any structure. As I see it almost all references should be changed to BIC, but I'm not very sure if this is the current, correct name.
-- Lonaowna ( talk) 14:00, 3 August 2013 (UTC)
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There are some banks using (9+3) 12 digit SWIFT codes, but no information is available at SWIFT website regarding these new version of codes comparing old (8+3) 11 digit codes. Is there anybody else who can put some light on the issue?
12 digit BIC includes the Logical Terminal for swift, as the 9th character,
stupid but historical position to place it, and it does not form part of ISO-9362.
8 char BIC = (4 char Business/Bank Code) + (2 char Country code) + (2 char Location Code)
11 char BIC = (4 char Business/Bank Code) + (2 char Country code) + (2 char Location Code) + (3 char Branch Code)
12 char BIC = (4 char Business/Bank Code) + (2 char Country code) + (2 char Location Code) + (1 char Logical terminal) + (3 char Branch Code)
You would be amazed to know that SWIFT codes are not even much authentic itself! There are banks in the world which are using more than 11 digit of SWIFT code by mistake for years and SWIFT system can't detect those. SWIFT works like a FAX machine or just a relaying machine without verification of contents including its own BIC/SWIFT codes.
Isn't it VERY FUNNY that the whole banking systems of the world are working on a BIG security breach that is even certified by ISO!!!
Without correct Username & Password you can't even log into a FREE email account BUT you can transact billions of dollars through SWIFT easily! ;-)
--- To my knowledge, usually every standard needs to be validated before its apporval and I believe that ISO is working on that. However, the issue of overlaping among BIC, BIN and IBAN remains controversial. If there is a protocol to harmonize the three applicaitons, that would be beneficial.
The following example is how pharmaceutical industry to harmonize different standards.
Suppose there is a chemical Sodium Chloride which is made following Pharma GMP protocol.
In a GLP qualified lab, if the chemical passes the test against United States Pharmacopeia (USP), it is of the one star quality for drug use and can be cosumed within the US.
If it passes the tests of British Pharmacopoeia (BP) and USP, it is of the two star quality for drug use and can be consumed within the Britain and US.
If it passes the tests of Japanese Pharmacopoeia (JP), USP and BP, it is of the three star quality for drug use and can be consumed among Japan, Britain and US.
If it passes the tests of European Pharmacopoeia (EP), USP, BP and JP, it is of the 4 star quality and so on.
Why is it ranked in that way? Because these Pharmacopoeia are the toppest levels of the pharma standards recoganized in the world so far.
In addition to that the chemical has its own laboratory, analytical and other different grades of its standards.
If the laboratory grade chemical is to use for analytical purposes, it has to be subjected for the testing against the specifications of analytical standards to get upgrade.
These kinds of protocols have been practiced widely in the pharma industry to cate for economic demands and safety measures.
As long as the level of the standard perfomrance or risk is labelled, it is up to users to chose which one to go. Similar practices have been adoppted in the hotel/motel rankings and coach (bus and sport) classing.
I removed the following content from the page, as it didn't *seem* to have anything to do with SWIFT codes. If I'm mistaken, please provide an appropriate citation...
Mordecai-Mark Mac Low
20:24, 7 February 2007 (UTC)
I removed the information below from the page (ie everything), because the whole lot is simply cut and past from a commercial site http://www.bankingswiftcodes.com/index.html I am sure it is all accurate, but it is plagiarism. Sad mouse 16:04, 27 September 2007 (UTC)
ISO 9362 (also known as BIC code or SWIFT code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization. It is the unique identification code of a particular bank.
It can be found on account statements. It is necessary for sending money across countries. It may be found on currency. These codes are used when transferring money between banks, particularly international transfers.
The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number.
The code is 8 or 11 characters, made up of:
Where an 8-digit code is given, you may assume that it refers to the primary office.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) handles the registration of these codes. For this reason, Bank Identifier Codes (BICs) are often called SWIFT addresses or codes.
There are over 7,500 "live" codes (for partners actively connected to the BIC network) and an estimated 10,000 additional BIC codes which can be used for manual transactions.
Examples As an example, Deutsche Bank is an international bank; its head office is based in Frankfurt, Germany. Its SWIFT code for its primary office is DEUTDEFF:
Using an extended code of 11 digits (if the receiving bank has assigned branches or processing areas individual extended codes) allows the payment to be directed to a specific office. For example, DEUTDEFF500 would direct the payment to an office of Deutsche Bank in Bad Homburg.
I removed this claim from the article:
I guess that's technically true, since everything might be found there, but I don't think any currency would contain a SWIFT code, because it doesn't make sense: the code identifies a bank, not a currency. AxelBoldt 00:42, 6 November 2007 (UTC)
The article is very vague on the correct name: as I understand it, they were called SWIFT codes because they are issued by SWIFT and did not have a proper name. Now SWIFT has called them BIC. Is this right? The article uses all names without any structure. As I see it almost all references should be changed to BIC, but I'm not very sure if this is the current, correct name.
-- Lonaowna ( talk) 14:00, 3 August 2013 (UTC)
Hello fellow Wikipedians,
I have just modified one external link on ISO 9362. Please take a moment to review my edit. If you have any questions, or need the bot to ignore the links, or the page altogether, please visit this simple FaQ for additional information. I made the following changes:
When you have finished reviewing my changes, you may follow the instructions on the template below to fix any issues with the URLs.
This message was posted before February 2018.
After February 2018, "External links modified" talk page sections are no longer generated or monitored by InternetArchiveBot. No special action is required regarding these talk page notices, other than
regular verification using the archive tool instructions below. Editors
have permission to delete these "External links modified" talk page sections if they want to de-clutter talk pages, but see the
RfC before doing mass systematic removals. This message is updated dynamically through the template {{
source check}}
(last update: 5 June 2024).
Cheers.— InternetArchiveBot ( Report bug) 03:47, 9 December 2017 (UTC)