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Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and formerly in the Republic of Ireland. They are six-digit hierarchical numerical addresses that specify clearing banks, clearing systems, regions, large financial institutions, groups of financial institutions and ultimately resolve to individual branches.
[61] [62] [63] Courier services and advertising mail companies complained that the absence of such a system put Ireland at a disadvantage compared with other European countries. [60] An Post had used a system of three-digit sort codes, similar to the Mailsort system used by Royal Mail in the United Kingdom, for pre-sorting mail in bulk. [64]
Dublin postal districts have been used by Ireland's postal service, known as An Post, to sort mail in Dublin.The system is similar to that used in cities in Europe and North America until they adopted national postal code systems in the 1960s and 1970s.
The Extended Industry Sorting Code Directory (EISCD) is based upon the ISCD and was introduced to provide reference data to support the UK's Faster Payments service. The EISCD contains all data elements found within the ISCD, with the addition of a new section containing Faster Payments clearing information for each UK bank branch.
The first two digits of the sort code identify the bank (90-xx-xx = [Bank of Ireland], 98-xx-xx = [Ulster Bank], for example) and the last 4 identify the branch. There is an exception with 99-xx-xx - these codes are used for international banks Irish Clearing ACs, and some Post Office accounts.
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The bank sort code must be specified for many business transactions in payment transactions (e.g. bank transfer). With the establishment of the Single Euro Payments Area (SEPA), which completely replaced the national payment systems from 1 February 2014, the bank codes in the participating countries were replaced by BIC (Business Identifier ...
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