BIC vs LEI

Comparison of two party identifiers: bank connectivity versus legal identity.

Definition

The BIC is an 8- or 11-character code identifying a financial institution for SWIFT and ISO 20022 routing; the LEI is a 20-character alphanumeric code identifying a distinct legal entity (with its Level 1/Level 2 reference data). The former serves payment connectivity, the latter regulatory identification; both can coexist for the same bank.

Origin

The BIC is defined by ISO 9362 (SWIFT registration authority); the LEI by ISO 17442, issued by LOUs under the governance of the Global Legal Entity Identifier Foundation (GLEIF) and the Regulatory Oversight Committee.

Example in context

One bank: BIC BNPAFRPP (SWIFT routing) and LEI R0MUWSFPU8MPRO8K5P83 (legal identity for reporting).

Related terms

• BBAN — an account identifier, distinct from party identifiers.