Option A | [/1!a][/34x] 4!a2!a2!c[3!c] |
(Party Identifier) (Identifier Code) |
Option B | [/1!a][/34x] [35x] |
(Party Identifier) (Location) |
Option D | [/1!a][/34x] 4*35x |
(Party Identifier) (Name and Address) |
Conditional (see rule C1)
This field identifies the financial institution which will pay or credit the beneficiary institution.
In option A, Party Identifier may be used to indicate a national clearing system code.
The following codes may be used, preceded by a double slash '//':
In option D, Party Identifier may be used to indicate a national clearing system code.
The following codes may be used, preceded by a double slash '//':
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).
When field 57a is not present, it means that the Receiver is also the account with institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other information. If it is used with option D, it may be followed by another domestic clearing code.
Option A must be used whenever possible.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the automated processing of the instruction(s) by the Receiver.