Sorting code and BIC allocation
Members have ranges of sorting codes that they can allocate to bank offices. Routing errors were therefore frequent causing payments to be delayed and incurred extra costs to the sending and receiving banks and often to intermediate routing banks also.
The EISCD is updated weekly, and is available on a subscription basis from VocaLink. Using data which is out of date can cause inconvenience to customers - their payment might be delayed or not processed - and it places a cost burden on businesses, individuals and banks as they rectify the problems which can arise. One of the design aims of the IBAN was to enable as much validation as possible to be done at the point of data entry. IBAN imposes a flexible but regular format sufficient for account identification and contains validation information to avoid errors of transcription.
| Bank Name | Sort Code | City | Address & Info |
|---|---|---|---|
| SCHRODER &CO LIMITED | 405278 Equivalent Codes: 40-52-78 40 52 78 | London | 31 GRESHAM ST LONDON EC2V 31 Gresham Street, EC2V 7QA, Phone: (20) 76586000, London England |