BIC is a Bank identification code of the Russian Federation

You can also find the designation BIC bank .

Bank Identification Code (БИК) is a nine-digit unique code of a credit institution. It is intended for identification of settlement participants and is a mandatory element of the details of any bank. BIC is used inpayment documents on the territory of Russia. It allows you to determine the name, correspondent account and regional location of the bank, as well as the division of the Central Bank of the Russian Federation responsible for itsregistration and maintenance. The BIC is used as the identification code of a banking institution. With the help of the BIC, it is possible to determine the exact name of a financial organization.

The code is assigned by the Bank of Russia, which maintains the corresponding BIC classifier.

    The bank identification code has the following structure:
  • The first two digits represent the code of the Russian Federation ("04");
  • The third and Fourth are the code of the region of Russia according to the "All-Russian classifier of administrative-territorial division objects" (OKATO). If these numbers are equal to "00", then,the bank's division is located outside of Russia;
  • The fifth and Sixth are the conditional number of the settlement network unit of the Central Bank of the Russian Federation, or the conditional number of the structural unit of the Bank of Russia. The code can take numeric values from "00" to "99";
  • From the Seventh to the Ninth - the conditional number of the credit institution in the settlement network division of the Central Bank of the Russian Federation, in which its correspondent account is opened. It can take values from "050" to "999".

For cash and settlement centers within the Bank of Russia, these values take the form "000". For the head settlement and cash center and other departments performing its functions – "001". For other divisions of the settlement network of the Central Bank of the Russian Federation and structural divisions of the Bank of Russia, these values correspond to "002".

The directory of bank identification codes can be found on the website of the Central Bank of the Russian Federation.

So, what have we found out? That when banking institutions operate on the territory of the Russian Federation, special codes are used to identify such institutions. This code is called Bank Identification code(БИК) and is used to designate a unique number of a financial institution operating in the financial sector regulated by the Central Bank of the Russian Federation.

So why do we need a BIC, and what does its presence or absence matter to financial market participants? The first thing to remember is that this code is a mandatory requisite of a financial institution, and is used to identify a bank or financial institution during the execution of payment transactions. Having learned the bank identification code (БИК), using it, you can find out such information as the full name of the bank, the correspondent account number, as well as the region in which the financial institution is registered.

Separately, we note the absence of a bank identification code (БИК) will not allow you to make a payment or issue a payment order. This banking account is one of the main parameters when creating and conducting payments.

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