MT 740 Field Specifications

5. Field 58a: Negotiating Bank

FORMAT

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

PRESENCE

Conditional (C4)

DEFINITION

This field identifies the drawer of the drafts to be drawn on the reimbursing bank, when the drawer is the negotiating bank.

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

Option A is the preferred option. Option D is only allowed when it is necessary to indicate a name and address or to indicate 'negotiating bank' under freely negotiable credits.