Business Party Prefix

From Open Risk Manual

Definition

Business Party Prefix. A four-character (4 alphanumeric) code associated with the individual institution or business

For new BIC registration by an organization already identified with a BIC or an affiliated organization [after the transition period ending November 2018], SWIFT will still reserve the usage of an existing party prefix to these organizations. This legacy rule will be reserved to existing BIC owners. If they wish to preserve this value, no other organization will be allowed to use the same code

Synonyms

  • Bank Code

See Also

  • ISO 9362:2014 Banking -- Banking telecommunication messages -- Business identifier code (BIC)


Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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