Business Party Suffix

From Open Risk Manual

Definition

Business Party Suffix. A two-character (2 alphanumeric) code associated with the individual institution or business

In the prior version of the standard, position 7 of the BIC determined the location of the BIC in a particular country. In a country spanning over multiple time zones, each character may have been used to define a different time zone. If an organization moved location to a different time zone within the same country, the existing BIC would normally have been deleted and replaced by a new BIC with the appropriate location code.

See Also

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


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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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