MT 405 Field Specifications

29. Field 52a: Remitting Bank

FORMAT

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

PRESENCE

Conditional (C2)

DEFINITION

This field identifies the remitting bank instructing the individual transaction in this occurrence of sequence B.

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 may only be used if the remitting bank is different from the Sender of the message.

Option A is the preferred option. If the remitting bank cannot be identified by a BIC, option C should be used containing a 2!a clearing system code preceded by a double '//' and followed by its digits (//2!a31x).

Option D is only allowed when it is necessary to indicate a clearing system code and/or a name and address, eg, due to regulatory considerations. The clearing system code may only be used if both clearing system code and name and address are required.