Swift Moves Forward with BIC as Legal Entity Identifier

London - Interbank utility Swift plans to finish the work done to extend the scope of bank identifier codes (BICs) to non-financial institutions by the end of the year, Inside Reference Data has learned.

Swift, the registration authority for the ISO-registered BIC standard, is extending the scope of the BIC to cover all parties involved in financial transactions to help the industry solve the legal entity identification (LEI) challenge.

BIC codes are currently used to identify financial

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