In SWIFT messaging, field 57a designates the Account with Institution. This field specifies the financial institution that services the account for the beneficiary customer.
Details:
Field 57a is an option "O," indicating that the beneficiary's bank account information is provided using a BIC (Bank Identifier Code) of the financial institution where the beneficiary maintains their account. It's essential for routing payments correctly.
Breakdown:
- Field 57: This refers to the broader field dedicated to specifying the account with the institution.
- a: This denotes the "option" used within Field 57. In this case, "a" signifies that a BIC code will be used to identify the institution.
Significance:
This field is crucial in ensuring accurate and efficient payment processing. It informs the sending bank of the exact institution responsible for the beneficiary's account, minimizing errors and delays.
Example:
A typical entry in field 57a might look like this:
:57A:DEUTDEFFXXXWhere DEUTDEFFXXX represents the BIC code of Deutsche Bank in Frankfurt, Germany.
In essence, Field 57a in a SWIFT message is the designated space to accurately identify the financial institution managing the beneficiary's account, enabling seamless international fund transfers.
