Used by more than 108,000 organisations worldwide in 233 countries,
ISO 9362 Banking telecommunication messages – Business identifier code (BIC)
is being updated, says the International Organisation for Standardisation (ISO).
The ISO reports that ISO 9362 is one of the most widely used codes in the financial world, used to identify banks and financial or related institutions to facilitate automated processing of information for financial services.
“Like all ISO standards, its fitness for purpose is reviewed periodically, and a revision of ISO 9362 was launched in 2011 in order to better serve the financial community,” the ISO announced. “Key changes include new registration procedures and the introduction of the BIC data record which allows for better identification of the counterparties in the financial industry.
Project leader for the technical committee that developed the standard Stig Korsgaard said the new version was made to align better with modern market practices and systems. “ISO 9362 has been in use for 30 years in its various forms. It is an important tool in cross-border communications,” he said.
“The latest version, developed to be more neutral in its application, will help to ensure data that this standard is also relevant and future proof for many years to come.”
Implementation of the standard will be completed by the Registration Authority by the end of January 2015, with the former version – ISO 9362:2009 – being gradually phased out over a transition period that ends in November 2018.
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