MT 405 Field Specifications

53. Field 56a: Settlement Institution

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

Optional

DEFINITION

This field identifies, for all transactions contained in this message, the institution which receives the total collection proceeds and credits the appropriate party.

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 settlement institution is different from the Sender of the message.

Option A is the preferred option. If the settlement institution 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.