MT 601 Field Specifications

14. 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

DEFINITION

This field identifies the financial institution and account where the receiver of the premium wishes to receive the amount specified in field 34a.

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 receiver of the premium services an account in the relevant currency for the payer of the premium, and this account is to be debited, option A should be used and the field must contain the BIC of the receiver of the premium.

When the payer of the premium services an account in the relevant currency for the receiver of the premium, and this account is to be credited, option A should be used and the field must contain the BIC of the payer of the premium.

If the account with institution is not known, the code UNKNOWN must appear in this field, using option D.