MT 207 Field Specifications

5. Field 51A: Initiating Institution

FORMAT

Option A

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(Party Identifier) (BIC)

PRESENCE

Optional

DEFINITION

This field identifies the institution which is authorised by the ordering institution/account servicing institution to order all the transactions in the message.

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

This field must only be used when the initiating institution is not also the ordering institution.

Optional Party Identifier must not be used.