SEPA
RC01
Incorrect BIC
Category: Account R-type: Return
SCT
Applies
SCT Inst
Applies
SDD Core
N/A
SDD B2B
N/A
Retryable
Yes, after correction
Generated by
Clearing infrastructure or the receiving bank in the payment chain.
ISO 20022 definition
Bank identifier code specified in the message has an incorrect format.
Typical cause
The BIC submitted with the credit transfer is malformed or does not match the IBAN provided.
What to do about it
Re-derive the BIC from the IBAN (most SCT/SCT Inst processing no longer requires a separate BIC field under IBAN-only rules) and resubmit with corrected routing data.
Rulebook note
SCT/SCT-Inst-specific — not part of the SDD reason-code set.
Confidence: high.
Sourced from PaymentBrief's SEPA R-transaction reference article, cross-verified against ISO 20022 external code sets and EPC guidance documents. Reason-code applicability and timing windows vary by rulebook version and bank handling — verify against your bank or PSP before acting.
Full reference
SEPA Return and Reject Codes: The R-Transaction Reference