ISO 9362:2014 - BUSINESS IDENTIFIER CODES
What is ISO 9362:2014?
ISO 9362 defines a standard format of Business Identifier Codes (also known as SWIFT-BIC, BIC, SWIFT ID, or SWIFT code) approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions.
The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. The ISO has designated SWIFT as the BIC registration authority. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI.
These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.
Benefits of ISO 9362 Certification
Employee Training and Development
Enhance Sustainable Growth
Managing Employee Relations
Supporting end-to-end automation
Using modern technology
Worldwide adoption
Who can be certified ISO 9362 Certification?
Banks
Financial Institutes
NBFC
Document required for ISO 9362 Certification
- System Manual
- System Procedure
- Policy
- Objectives
- Mission & Vision
- Standard Operating Procedure (SOP)
- Checklist
- Forms
- Formats
- Records
The extent of Documented Information differs as per:
- Organization’s size
- Activities performed by the organization
- Processes undertaken by the Organization
- Products and services offered by the organization
- The complexity of processes undertaken
- Competence of persons involved
Role of Shamkris and Process of ISO 9362 Certification
Shamkris adopts a results-oriented approach to effective system implementation in the organization. A simple and practical method of system implementation helps organizations increase business efficiency and sustainability. Shamkris supports 100% documentation to obtain an accreditation body of success in addition to enhanced performance.
The implementation process is described below:
Time Frame
Task
Process
Day 1
GAP Analysis
Certification Body
Selection
Cost Estimates
- Finding the GAP between existing system related to ISO 9362 requirements
- Selecting the appropriate certification Body
- Based on the scope of your business & certification Body you choose
Week 1
Developing Documents
- Management System Manual, Management System Procedures, Policy, Objectives, Forms etc.
- Review of Standard Operating Procedures (SOP)
Week 4
Implementing Management System
- ISO 9362 Awareness training for the top management and staff
- Implementing a well-documented management system throughout the organization
Week 8
Internal Audit
MRM
CAPA
- Internal audits identifying nonconformities related to ISO 9362 requirements
- Management Review Meetings
- Corrective and Preventive Action plan for nonconformities
Week 10
Certification Body
Audit
N-C Closing
- Shamkris acts on your behalf and assists you in the third-party audit
- Closing of any nonconformities identified by the certification Body
Week 12
Certification Body
- ISO 9362 certificates issued for 1 years
- Yearly Renewal Audit
Year on Year
Yearly Compliance
- Support of Yearly documentation for audit
FAQ
There are over 7,500 “live” codes (for partners actively connected to the BIC network) and an estimated 10,000 additional BIC codes which can be used for manual transactions.