MT 305 Field Specifications

15. 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

Conditional (C2)

DEFINITION

This field identifies the financial institution from which the payer will transfer the premium amount specified in field 34P to the account with institution.

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 is used when the premium is to be paid by the Sender of the message.

Field 53a is used only when the payer wants to inform the payee where the funds come from.

Please refer to the chapter Guidelines for this MT.