Swift to Extend Bank Identifier Code After Board Approval for Larger Legal Entity Role
BRUSSELS - Swift has obtained the go-ahead from its board to extend the bank identifier code (BIC) to corporates and non-financial institutions, and has been engaged in several industry consultations over the past 12-18 months to establish the current market needs for legal entity identification, Inside Reference Data has learned.
The initial discussions with the board revolved around ensuring the BIC remained fit for purpose and that the policy regarding how the identifier should be assigned and
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