RC01 Reason Code: Bank Identifier Incorrect
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RC01 means bank identifier incorrect in the ISO 20022 status 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).
What it means in practice
In a pacs.002 or pain.002 status report, a status reason code explains why a payment instruction was rejected (RJCT) or why it has another status. It sits in TxInfAndSts/StsRsnInf/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
CdtrAgtis 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 ExternalStatusReason1Code
| Message | Element path |
|---|---|
| pacs.002 | TxInfAndSts/StsRsnInf/Rsn/Cd, OrgnlGrpInfAndSts/StsRsnInf/Rsn/Cd |
| pain.002 | OrgnlGrpInfAndSts/StsRsnInf/Rsn/Cd, OrgnlPmtInfAndSts/StsRsnInf/Rsn/Cd, OrgnlPmtInfAndSts/TxInfAndSts/StsRsnInf/Rsn/Cd |
| auth.027 | GrpSts/StsRsn/Rsn/Cd, PackgSts/StsRsn/Rsn/Cd, PackgSts/RcrdSts/StsRsn/Rsn/Cd |
| camt.025 | RctDtls/ReqHdlg/StsRsn/Rsn/Cd |
| camt.111 | InvstgtnRspn/InvstgtnData/RspnData/TxSts/StsRsnInf/Rsn/Cd |
| pain.014 | OrgnlGrpInfAndSts/StsRsnInf/Rsn/Cd, OrgnlPmtInfAndSts/StsRsnInf/Rsn/Cd, OrgnlPmtInfAndSts/TxInfAndSts/StsRsnInf/Rsn/Cd |
| reda.016 | PtySts/StsRsn/Rsn/Cd |
| reda.020 | SctiesAcctSts/StsRsn/Rsn/Cd |
| reda.047 | SctyCSDLkSts/StsRsn/Rsn/Cd |
| reda.051 | AcctLkSts/StsRsn/Rsn/Cd |
And 8 more messages: see the ExternalStatusReason1Code page.
RC01 in other code sets
RC01 questions
- What does RC01 mean in ISO 20022?
- RC01 is Bank Identifier Incorrect in the ExternalStatusReason1Code 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.002, element TxInfAndSts/StsRsnInf/Rsn/Cd.
All ExternalStatusReason1Code codes · ISO 20022 code sets · pacs.002 reject reasons explained
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.