MT 305 Field Specifications

17. Field 57a: Account With Institution

FORMAT

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

PRESENCE

Mandatory

DEFINITION

This field identifies the financial institution and account where the payee will receive the premium.

CODES

With option D, one of the following codes may also be used:

NET	When net settlement takes place
NONE	When no settlement is taking place
SSI	When standing settlement instructions apply
UNKNOWN	When the settlement instructions are not known

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

For matching purposes, option A must be used when available.

Party Identifier in options A and D may be used to indicate a CHIPS Universal Identifier. When used, it must be preceded by a double slash '//', followed by the code CH and 6 digits.

Please refer to the chapter Guidelines for this MT.