MT 600 Field Specifications

13. 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

Mandatory in an optional sequence

DEFINITION

This field identifies the financial institution and account where the Receiver wants to receive the funds specified in field 34P.

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 the optional Party Identifier is present, it identifies the account which is to be debited or credited on the books of the account with institution which is specified.

When the Sender services an account for the Receiver in the relevant currency, and this account is to be credited, option A should be used and the field must contain the Sender's BIC.

When the Receiver services an account for the Sender in the relevant currency, and this account is to be debited, option A should be used and the field must contain the Receiver's BIC.

In forward contracts, if the account with institution is not known, the code UNKNOWN must appear in this field, using option D.