MT 202 Field Specifications

6. Field 53a: Sender's Correspondent

FORMAT

Option A	[/1!a][/34x] 4!a2!a2!c[3!c]	(Party Identifier) (BIC)
Option B	[/1!a][/34x] [35x]	(Party Identifier) (Location)
Option D	[/1!a][/34x] 4*35x	(Party Identifier) (Name & Address)

PRESENCE

Optional

DEFINITION

This field specifies the account or branch of the Sender or another financial institution through which the Sender will reimburse the Receiver.

NETWORK VALIDATED RULES

The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45).

The BIC must not be a BEI. Please refer to the latest version of the BIC Directory - Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT BICs, Masters, Synonyms, Live destinations and Test & Training destinations. (Error code(s): C05).

USAGE RULES

When the Sender instructs the Receiver to transfer funds between two accounts owned by the Sender and serviced by the Receiver, this field must be used with option B to identify the account to be debited.

If there is no direct account relationship, in the currency of the transaction, between the Sender and the Receiver (or branch of the Receiver when specified in field 54a), then field 53a must be present.

When field 53a is present and contains a branch of the Sender, the need for a cover message is dependent on the currency of the transaction, the relationship between the Sender and the Receiver and the contents of field 54a, if present.

A branch of the Receiver may appear in field 53a if the financial institution providing reimbursement is both the Sender's correspondent and a branch of the Receiver, and the Sender intends to send a cover message to the branch of the Receiver. In this case, the Receiver will be paid by its branch in field 53a.

In all other cases, when field 53a is present, a cover message, ie, MT 202/203 or equivalent non-SWIFT, must be sent to the financial institution identified in field 53a.

When field 53B is used to specify a branch city name, it must always be a branch of the Sender.

The absence of fields 53a and 54a implies that the single direct account relationship between the Sender and Receiver, in the currency of the transfer, will be used.

The use and interpretation of fields 53a and 54a is, in all cases, dictated by the currency of the transaction and the correspondent relationship between the Sender and the Receiver relative to that currency.