 Option A |
[/1!a][/34x]4!a2!a2!c[3!c] |
(Party Identifier)(Identifier Code) |
| Option C |
/34x |
(Account) |
Optional in mandatory sequence C
Where required, this field specifies the account or branch of the Sender or another financial institution through which the Sender will reimburse the Receiver.
Identifier Code must be a registered financial institution BIC (Error code(s): T27,T28,T29,T45).
Identifier Code must be a financial institution BIC. 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).
Absence of this field implies that the bilaterally agreed account is to be used for settlement.
Option A is the preferred option.
Option C must be used where only an account number is to be specified.
In those cases where there are multiple direct account relationships, in the currency of the transaction, between the Sender and the Receiver, and one of these accounts is to be used for reimbursement, the account to be credited or debited must be indicated in field 53a.
If there is no direct account relationship, in the currency of the transaction, between the Sender and the Receiver (or branch of the Receiver when specified in field 54A), then field 53A must be present.
When field 53A is present and contains a branch of the Sender, the need for a cover message is dependent on the currency of the transaction, the relationship between the Sender and the Receiver and the contents of field 54A, if present.
A branch of the Receiver may appear in field 53A if the financial institution providing reimbursement is both the Sender's correspondent and a branch of the Receiver, and the Sender intends to send a cover message to the branch of the Receiver. In this case, the Receiver will be paid by its branch in field 53A.
In all other cases, when field 53A is present, a cover message, that is, MT 202/203 or equivalent non-SWIFT must be sent to the financial institution identified in field 53A.
The use and interpretation of fields 53a and 54a is, in all cases, dictated by the currency of the transaction and the correspondent relationship between the Sender and the Receiver relative to that currency.
