MT516: (20) 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
Optional in optional sequence B
DEFINITION
This field identifies the financial institution which will pay or credit the lender of the securities on loan, or the borrower.
NETWORK VALIDATED RULES
Identifier Code must be a registered BIC.
Identifier Code must be a financial institution BIC. This error code applies to all types of BICs referenced in a FIN message including connected BICs, non-connected BICs, Masters, Synonyms, Live destinations and Test & Training destinations.
USAGE RULES
When field 23 contains NEWLON or RECALL, this field identifies the financial institution which will pay or credit the lender of the securities on loan.
When field 23 contains RETURN, this field identifies the financial institution which will pay or credit the borrower of the securities.
This field may only be present when the collateral is in the form of cash, for example, field 26H contains CASHCOLL, LETTCOLL or OTHECOLL.
If field 26H contains LETTCOLL, this field may be used to identify the advice through bank.
