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BIC

Bank Identifier Code (SWIFT) used to identify banks in international payments.

Definition

Bank Identifier Code (SWIFT) used to identify banks in international payments.

Why this term matters

BT-86 can carry a BIC or comparable payment service provider identifier. EN 16931 and Peppol make it optional. Include it when the beneficiary bank, recipient, or payment channel requires it; do not infer that requirement from geography or currency alone.

Explanation

Sometimes optional within SEPA but used for international transfers.

Provided alongside IBAN in invoices.

Common mistakes

  • Sending an 11-character "BIC11" with branch code on systems that only accept the 8-character "BIC8" head office form, or vice versa.
  • Including spaces or hyphens — the BIC must match /^[A-Z]{6}[A-Z0-9]{2}([A-Z0-9]{3})?$/ exactly.
  • Mismatching country position 5–6 (the country code inside the BIC) with the country embedded in the IBAN.
  • Hard-coding a BIC for a generic head office when the IBAN is held by a regional branch — corporate banks may reject the payment as misrouted.

Frequently asked questions

When is BIC mandatory in EN 16931?

BT-86 is optional in EN 16931 and Peppol. Include a BIC only when the beneficiary bank, recipient, payment channel, or an applicable CIUS requires it. Geography and currency alone do not decide the requirement.

Where do I find a bank’s BIC?

On the bank’s account documentation, on bank statements, or via SWIFT’s public BIC directory (bank.swift.com). Some IBANs allow programmatic BIC derivation, but the safest source is the beneficiary themselves.

Are BIC and SWIFT code the same?

Yes — "SWIFT code" is the colloquial name. Formally it is the ISO 9362 Business Identifier Code (BIC). 8-character form is the head office; the optional 9th–11th characters identify a specific branch.