However, the FSA and approved reporting mechanisms (ARMs) have found the practical reality of implementation is much harder than first thought. The 8-digit BIC Code uniquely identifies the head office of the bank. IBAN will be progressively introduced in most OECD countries to allow Straight Through Processing of cross border payments. IBAN and other types of codes are sometimes requested in conjunction with SWIFT Codes International Bank Account Number (IBAN) European countries have adopted a standard known as an International Bank Account Number (IBAN). Fortunately, all banks doing regular international business have their full BIC details listed in the SWIFT online database shown above; access is free. This month, the UK Financial Services Authority (FSA) has indicated that transaction reporting firms under MiFID will need to obtain a bank identifier code (BIC) in order to be in compliance with wider European level regulations.

Country	City	Bank Name	Branch	SWIFT
Philippines	Manila	DBS Securities Phils INC	DBS Securities Phils INC	DBSPPHM1XXX