What is Bik?
BIC is an abbreviation of the bank identification code. This unique bank identifier is used in various types of payment documents. First, let's take a closer look at what the BIC of the bank is, and below we describe the structure of this code.
BIC Bank: structure and definition
The structure of the BIC itself is defined in the Regulation of the Central Bank of the Russian Federation (CB RF) No. 225-P, adopted on May 6, 2003. According to this provision, the bank identification code is a unique set of characters within the framework of the payment system of the Bank of the Russian Federation. We will describe the structure of the banking identification code one by one, dividing this code into groups of numbers. In total, there are 4 groups of numbers in the BIC that have clearly defined meanings.
- Bits 1 and 2 (counted from left to right) are the code of the Russian Federation, therefore, they are unchanged here - “04”.
- Digits 3 and 4 are the code of the territory of Russia according to OKATO - All-Russian Classifier of Administrative-Territorial Division of Objects.The OKATO code serves to improve automated information processing, to ensure its reliability and comparability in various cash transactions, as well as in the economic and statistical sphere. If the digits “00” are in these digits, then the territory is outside the Russian Federation.
- Digits 5 and 6 denote the provisional number of the subdivision of the settlement network of the Central Bank of the Russian Federation. This number is unique within a territorial institution or a structural unit of the Bank of Russia. The number in these bits can take the form from "00" to "99".
- Digits 7-9 designate the number of the credit institution or branch of the Bank of Russia subdivision where the subaccount (correspondent account) of this organization is opened. In this case, the number takes values from "050" to "999". If we are talking about the cash and settlement center of the Bank of Russia or another division within the Bank of Russia that has the functions of a cash settlement center, the number is assigned the value "000". In the event that the head cash settlement center is designated, or a unit within the Bank of Russia with such functions, the number is assigned the value “001”.For other structural units of the Bank of Russia or the Bank of Russia settlement network, the value “002” is indicated.
Simply put, with the help of the BIC, the territorial location of the bank or its subdivision, which performs cashless payments and customer service, is fixed. Therefore, for each branch BIC is unique. In case of exclusion of a code from the BIC directory, reuse of this bank identification code is allowed only after the expiration of the calendar year from the moment of exclusion of the code. We hope, now you understand what BIK is and what is its structure.
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