RC01 - Bank identifier (BIC) incorrect

What this code means

RC01 means the bank identifier (BIC) in the payment is incorrect. The BIC either does not exist, or it does not belong to the bank that actually holds the IBAN you supplied.

Typical causes

• The BIC and the IBAN point at two different banks — often after the beneficiary switched bank.
• An obsolete 8-character BIC was used for a bank that has since changed its code.
• The BIC was typed manually instead of being derived from the IBAN.

What to do

For SEPA payments the BIC is optional — the IBAN alone is enough (IBAN-only rule). The simplest fix is to remove the BIC entirely, or to correct it so it matches the IBAN's bank, then resubmit. This rejection is recoverable.

What it looks like in a pain.002

The reason code is carried in the StsRsnInf/Rsn/Cd element of the status report.

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:pain.002.001.03">
  <CstmrPmtStsRpt>
    <GrpHdr>
      <MsgId>STATUS-2026-000123</MsgId>
      <CreDtTm>2026-01-15T09:30:00</CreDtTm>
    </GrpHdr>
    <OrgnlGrpInfAndSts>
      <OrgnlMsgId>MSG-2026-000045</OrgnlMsgId>
      <OrgnlMsgNmId>pain.001.001.09</OrgnlMsgNmId>
    </OrgnlGrpInfAndSts>
    <OrgnlPmtInfAndSts>
      <OrgnlPmtInfId>PMTINF-2026-01</OrgnlPmtInfId>
      <TxInfAndSts>
        <OrgnlEndToEndId>E2E-REF-0001</OrgnlEndToEndId>
        <TxSts>RJCT</TxSts>
        <StsRsnInf>
          <Rsn>
            <Cd>RC01</Cd>
          </Rsn>
        </StsRsnInf>
      </TxInfAndSts>
    </OrgnlPmtInfAndSts>
  </CstmrPmtStsRpt>
</Document>

Tools for this code

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