MT 204 Field Specifications

10. Field 53a: Debit Institution

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

Mandatory

DEFINITION

This field specifies the financial institution which is to be debited with the transaction amount.

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

Optional Party Identifier may be used to specify the account number to be debited.

Option A must be used whenever possible.

Option D must only be used in exceptional circumstances, ie, when the debit institution cannot be identified by a BIC, and when there is a bilateral agreement between the Sender and Receiver permitting its use. Unless qualified by an account number, the use of option D may prevent the automated processing of the instruction(s) by the Receiver.