MT 600 Field Specifications

32. Field 57a: Account With Institution

FORMAT

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)

PRESENCE

Mandatory in conditional (see rule C1) sequence C

DEFINITION

This field identifies the financial institution and account at which the Sender wishes to receive the funds specified in field 34R.

NETWORK VALIDATED RULES

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).

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

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

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