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ISO 20022 reason code

RC01: Bank identifier incorrect

The bank identifier (BIC or clearing code) is wrong or unknown. RC01 is an ISO 20022 reason code used as a status reason and a return reason: you will see it in pain.002, pacs.004 and camt.053.

RC01 at a glance
CodeRC01
NameBank identifier incorrect
ISO code listsExternalStatusReason1Code (status reason); ExternalReturnReason1Code (return reason)
WhereStsRsnInf/Rsn/Cd; RtrRsnInf/Rsn/Cd (pacs.004), TxDtls/RtrInf/Rsn/Cd (camt)

What RC01 means

A bank identifier in the instruction (a BIC or a national clearing code) is wrong or unknown.

Not to be confused with: RC01 is a bank identifier that is invalid (ISO’s definition: in the wrong format); CNOR and DNOR are valid identifiers of banks the clearing system cannot reach, and AGNT a bank that is the wrong one for the payment.

A reason code always comes with a status or an action: on its own it says why, not what happened. In a status report look at the status next to it (RJCT means the payment will not be executed); on a statement the returned entry tells you the money has come back.

Where RC01 appears

RC01 belongs to two of the ISO 20022 reason code lists, so it can arrive in these places:

  • Status reason (ExternalStatusReason1Code): in a payment status report (pain.002 from a bank to its customer, pacs.002 between banks) that rejects or holds a payment.
  • Return reason (ExternalReturnReason1Code): in a payment return (pacs.004) after the money has moved, and the returned entry on the account statement (camt.053) or notification (camt.054).

In a status report, RC01 explains a status such as RJCT, at transaction level here (the same StsRsnInf block can sit under the group or a payment block):

pain.002.001.10 · a rejected transaction
<OrgnlPmtInfAndSts>
  <OrgnlPmtInfId>PMT-20261028-03</OrgnlPmtInfId>
  <TxInfAndSts>
    <OrgnlEndToEndId>INV-2026-0042</OrgnlEndToEndId>
    <TxSts>RJCT</TxSts>
    <StsRsnInf>
      <Rsn>
        <Cd>RC01</Cd>
      </Rsn>
      <AddtlInf>Free text from the bank, if any</AddtlInf>
    </StsRsnInf>
  </TxInfAndSts>
</OrgnlPmtInfAndSts>

What to do about RC01

  • If you sent the payment or the collection: Check the BIC (8 or 11 characters, an existing institution) or clearing code. For SEPA payments many banks accept the IBAN alone and work out the BIC themselves.

Your bank’s implementation guide and the scheme’s rulebook (for SEPA, the EPC rulebooks) say exactly when it may use RC01; banks do not all apply a code the same way.

Look up RC01 from a script or an AI agent

Scripts and AI agents get this code’s name, definition, where it sits and the address of this page from GET /api/v1/explain, keyless, or from the explain_code tool of the MCP server (API and MCP docs; add it to Claude, Cursor or VS Code).

REST · curl
curl -s 'https://iso20022-navigator.com/api/v1/explain?code=RC01&kind=status_reason'