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The directory is maintained by VocaLink on behalf of UK Payments Administration (formally APACS). The ISCD contains the sort code , SWIFT Bank Identifier Code (BIC), payment information, clearing information and contact details for all bank branches and sub-branches involved in the UK payment clearing system.
The 2009 update of ISO 9362 broadened the scope to include non-financial institutions; before then BIC was commonly understood to be an acronym for Bank Identifier Code. There are over 7,500 "live" codes (for partners actively connected to the SWIFT network) and an estimated 10,000 additional BIC codes which can be used for manual transactions.
The (national) bank codes differ from the international Bank Identifier Code (BIC/ISO 9362, a normalized code - also known as Business Identifier Code, Bank International Code and SWIFT code). Those countries which use International Bank Account Numbers (IBAN) have mostly integrated the bank code into the prefix of specifying IBAN account numbers.
Historically, the Irish banking system shared the sort code structure used in the UK, but operated as a separate system since the Irish pound broke the link with sterling in March 1979. Codes are issued by the Banking and Payments Federation Ireland (BPFI) [8] which replaced IPSO in 2014. [9] The full list of sort codes used in Ireland is as ...
A typical British bank statement header (from a fictitious bank), showing the location of the account's IBAN. The International Bank Account Number (IBAN) is an internationally agreed upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors.
Unlike some other major economies, the UK does not have a major stratum of independent local banks. The number of independent banks shrank further during 2008: Northern Rock was nationalised by the UK Government (and is now owned by Virgin Money ), followed by Bradford & Bingley ; Alliance & Leicester was acquired by Santander , who merged it ...
The payment card number differs from the Business Identifier Code (BIC/ISO 9362, a normalized code—also known as Business Identifier Code, Bank International Code or SWIFT code). It also differs from Universal Payment Identification Code, another identifier for a bank account in the United States.
The country code "US" has been added on the front, and an additional check digit at the end. The country code indicates the country of issue. The check digit is calculated using the Luhn algorithm. Convert any letters to numbers by taking the ASCII code of the capital letter and subtracting 55: U = 30, S = 28. US037833100 -> 30 28 037833100