MT 516 Field Specifications

20. Field 57a: Account With Institution

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

Optional

DEFINITION

This field identifies the financial institution which will pay or credit the lender of the securities on loan, or the borrower.

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

When field 23 contains NEWLON or RECALL, this field identifies the financial institution which will pay or credit the lender of the securities on loan.

When field 23 contains RETURN, this field identifies the financial institution which will pay or credit the borrower of the securities.

This field may only be present when the collateral is in the form of cash, eg, field 26H contains CASHCOLL, LETTCOLL or OTHECOLL.

If field 26H contains LETTCOLL, this field may be used to identify the advise through bank.