Question treasuryXL Panel #1 | Is a BIC registration possible for both financial as non-financial institutions?

28-09-2021| treasuryXL |

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We received the following question from one of our followers…

 

QUESTION

As my company is not a bank but will be registered under a money transmission license in multiple US states, is it possible for me to get a BIC? And does this result in any special process, for example do I have to pay a fee?

ANSWER

We asked for assistance of our highly valued partners to answer the question: Robert-Jan Wekking , Executive Consultant at Enigma.

With his expertise he could help out our contact perfectly!

 

Robert-Jan Wekking responds:

Please be advised that BIC can be registered for financial and non-financial institutions and. So it should also be feasible for your organization. The common process is used via SWIFT. Please follow this link for more information. Here you can also find information about the registration process. There are indeed fees, however these are not public.

 

 

 

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