Sort code

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Sort code , in the UK and Irish banking industry, is a bank code used to route inter-bank money transfers in their respective countries through their respective licensing organizations. In Ireland, the sorting code is known as an NSC or National Sort Code and is governed by IPSO (Irish Payment Services Organization). Although the sorting code in both countries has the same format, they are governed by different authorities because each country has its own banking system.

Sort code for Northern Ireland bank branch (code beginning with '9') registered with IPSO for Northern Ireland and Republic. These codes are used in both the British and Irish clearing systems.

The sequence code, which is a six digit number, is usually formatted as three pairs of numbers, for example 12-34-56. It identifies the bank and the branch in which the account is stored. In some cases, the first digit of the sorting code identifies the bank itself and in other cases the first two digits identify the bank. Such codes are encoded into IBAN, but are not encoded into the BIC.

Video Sort code

Histori

The six-digit sorting code was introduced in a process that wobbled during the 1960s as the banking industry moved toward automation. Prior to that and to facilitate manual processing of inspection branches were allocated a 'national code' which would consist of anything between three and five digits. This takes the following form:

The bank itself is allocated the main number, initially alphabetically; Lloyds Bank for example allocated 3, National Provincial allocated 5, Martins allocated 11.

The main clearing branch (usually London's elite branch) will bear only one digit after the main number, e.g. 11 1 . The metropolitan branch (which includes Greater London) consists of two digits after the main number, e.g. 11 24 . Country branches are composed of other parts of the country, and contain three digits after the main number, e.g. 11 056 . They are displayed on check in this manner, with the preferred bank identifier.

To facilitate a move to a six-digit structure, the national code is maintained but when a single digit is used to identify the bank, a two-digit range is introduced, e.g. The Barclay branch goes from 2 to 20, Midland from 4 to 40, etc.

Maps Sort code

List of the UK's ordering code

In the UK, the early digits of the bank sorting code were originally allocated to settlement members of the Credit Check and Clearing Company and the Belfast Bank Clearing Company. Currently, the sorting code is issued for any organization that will become a direct member of the UK electronic payment network (other than the check clearing system, this includes BACS, Faster Payments, and CHAPS). Non-standard sorting code is provided to payment service providers requiring IBAN, for example SEPA, since the sorting code is part of this.

Code sorting is managed by BACS.

These numbers are six digits long, formatted into three pairs separated by dashes.

The following list shows the first two digits of the sorting code allocated for the clearing bank. Thus, in the example 01-10-01 , 01 indicates that the bank is a branch of the National Westminster Bank; other set of digits is for internal use. This example represents the NatWest branch at Spring Gardens, Manchester. A clearing bank may act for another bank, so finding a bank by sorting the code in this list does not necessarily mean the account is actually handled by the bank, e.g. sort code 08-32-00 VAT HMRC is not a Cooperative Bank account but a Barclays account, such as 08-32-10 for National Insurance.

Credit Check and Clearing Company

The check clearing system in the United Kingdom is currently managed by Credit Check and Clearing Company.

London Cleanup

In 1991, the London Committee and the Scottish Bankers, formerly the London Bankers Clearing Committee, expired and their work was taken by the British Bankers' Association. In the following list, the dates in parentheses provide the year of the merger with the current sorter holder, or its subsidiaries.

* deleted gradually

Scottish Cleanup

Operated separately by the Scottish Clearing Bankers Committee until 1985.

Danamon Clearing Company Danamon

The clearing system in Northern Ireland is operated under the Belfast Clearing Rules agreed by the Belfast Bank Clearing Company (formerly the Belfast Bankers Clearing Committee). Such codes in the 90 range are managed by the Irish Payment Service Organization (IPSO).

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Sort Irish Republic code

The sorting range codes used in the Republic of Ireland are generally similar to those used in Northern Ireland. Exceptions include:

• 92 - for the use of the Central Bank of Ireland/Ireland;
• 99 - used by Irish Permanent TSB, KBC Bank Ireland, former Scottish Bank/Halifax (Ireland), and for clearing accounts for major international banks.

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Sort code in the range 70 - "run"

When a six-digit sorting code system was formed in the 1960s, figures in the 70 range were reserved for a large number of London bank offices that were not members of London Clearing. Individual sorting codes in the 70-00-00 to 70-99-99 range are allocated on a one-to-one basis to many private and foreign bank offices in London. The checks drawn in these banks are colloquially known in the banking industry as "walking" because they are cleaned up by direct ("walk") to drawee banks by messengers from Clearing House. By the 1990s, all these banks had been issued with sorting codes in the range of various clearing banks which, from then on, acted as clearing agents for them. The "walk" check practice has expired and the use of 70 code ranges is stopped.

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International permissions

The UK and Irish sorting codes are only used for domestic money transfers. If money is transferred across international borders, international networks are used. As early as 2014 all European countries using the euro switched to IBAN as a means of identifying previously used bank accounts and encoding systems such as BLZ, BIC and even account numbers no longer in use. However, transfers to, inter alia, the United States and Australia use the BIC code. Characters 9 through 14 of the UK and Irish IBAN hold the bank account sorting code.

In some countries nothing is directly equivalent to the sorting code because banks and branch codes are managed separately from each other in those countries. Other countries, however, have or have codes that are equivalent to the sorting code, but with a format unique to the country in question. Examples include:

The codes listed above for Germany, Austria, Switzerland and Sweden are incorporated into the IBAN for those countries.

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See also

• Bank of the United Kingdom
• Industrial Code Listing Directory
• Bank Identifier Code
• International Bank Account Number

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Source

• English Expenditure Directory 2005 (p.Ã, 297) Association for Clearing Payment Service

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External links

• Code Clearing Rules - rules for sorting code, managed by Bacs

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References

Source of the article : Wikipedia