What does RC01 mean in ISO 20022?

RC01 is Bank Identifier Incorrect in the ExternalReturnReason1Code code set: Bank Identifier code specified in the message has an incorrect format (formerly IncorrectFormatForRoutingCode).

What should I do when I get RC01?

Check the BIC format with the BIC checker, then confirm the BIC with the beneficiary or in a licensed directory. Make sure the BIC in CdtrAgt is the bank that holds the account, not an intermediary. Fix the data in the payment order and send a new payment with a new reference and a new UETR. A rejected or returned payment cannot be repaired and resent under its old identifiers.

Where does RC01 appear in a message?

For example in pacs.004, element TxInf/RtrRsnInf/Rsn/Cd.

ExternalReturnReason1Code

RC01 Reason Code: Bank Identifier Incorrect

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

RC01 means bank identifier incorrect in the ISO 20022 return reason code set. The bank identifier in the payment is wrong: a BIC with the wrong format, a BIC that does not exist on the network, or a BIC that does not belong to the bank of the account.

Code: RC01
ISO name: BankIdentifierIncorrect
Status: Registered
Last updated: 2009-04-01

Official definition

Bank Identifier code specified in the message has an incorrect format (formerly IncorrectFormatForRoutingCode).

Definition from the ISO 20022 External Code Sets, 2Q2026 (published 28 Aug 2026).

What it means in practice

In a pacs.004 payment return, a return reason code explains why funds that were already settled are being sent back. It sits in TxInf/RtrRsnInf/Rsn/Cd, and bank statements (camt.053, camt.054) repeat it in RtrInf/Rsn/Cd.

The bank identifier in the payment is wrong: a BIC with the wrong format, a BIC that does not exist on the network, or a BIC that does not belong to the bank of the account.

Format errors are easy to catch before sending. A BIC that is well formed but wrong for the beneficiary is not, which is why this code still appears often.

What to do

Check the BIC format with the BIC checker, then confirm the BIC with the beneficiary or in a licensed directory.
Make sure the BIC in CdtrAgt is the bank that holds the account, not an intermediary.
Fix the data in the payment order and send a new payment with a new reference and a new UETR. A rejected or returned payment cannot be repaired and resent under its old identifiers.

Messages and fields that use ExternalReturnReason1Code

Message	Element path
pacs.004	TxInf/RtrRsnInf/Rsn/Cd, OrgnlGrpInf/RtrRsnInf/Rsn/Cd
camt.053	Stmt/Ntry/NtryDtls/TxDtls/RtrInf/Rsn/Cd
camt.054	Ntfctn/Ntry/NtryDtls/TxDtls/RtrInf/Rsn/Cd
camt.052	Rpt/Ntry/NtryDtls/TxDtls/RtrInf/Rsn/Cd
trck.001	TrckrStsAndTx/Tx/RjctRtrRsn/Rsn/Cd, TrckrStsAndTx/TxSts/RjctRtrRsn/Rsn/Cd
trck.002	TrckrStsAndTx/Tx/RjctRtrRsn/Rsn/Cd, TrckrStsAndTx/TxSts/RjctRtrRsn/Rsn/Cd
trck.004	TrckrStsAndTx/Tx/RjctRtrRsn/Rsn/Cd, TrckrStsAndTx/TxSts/RjctRtrRsn/Rsn/Cd

RC01 in other code sets

RC01 questions

What does RC01 mean in ISO 20022?: RC01 is Bank Identifier Incorrect in the ExternalReturnReason1Code code set: Bank Identifier code specified in the message has an incorrect format (formerly IncorrectFormatForRoutingCode).
What should I do when I get RC01?: Check the BIC format with the BIC checker, then confirm the BIC with the beneficiary or in a licensed directory. Make sure the BIC in CdtrAgt is the bank that holds the account, not an intermediary. Fix the data in the payment order and send a new payment with a new reference and a new UETR. A rejected or returned payment cannot be repaired and resent under its old identifiers.
Where does RC01 appear in a message?: For example in pacs.004, element TxInf/RtrRsnInf/Rsn/Cd.

All ExternalReturnReason1Code codes · ISO 20022 code sets

The ISO 20022 code names and definitions on this page are reproduced from material published at iso20022.org under the ISO 20022 Intellectual Property Rights policy. This is not the official source: the up-to-date ISO 20022 standards and repository material are published only at iso20022.org. Explanations in our own words are by ZagTrader. ZagTrader is not affiliated with or endorsed by ISO or Swift.