Struct Field53A 

pub struct Field53A {
    pub party_identifier: Option<String>,
    pub bic: String,
}

Field 53: Sender’s Correspondent

Purpose

Specifies the account or branch of the Sender through which reimbursement will occur in correspondent banking arrangements. This field defines the reimbursement path between the Sender and Receiver, enabling proper settlement coordination in cross-border payments. Critical for establishing clear correspondent banking relationships and settlement flows.

Format Options Overview

• Option A: BIC with optional party identifier - structured correspondent identification
• Option B: Party identifier with location - domestic correspondent routing
• Option D: Party identifier with name/address - detailed correspondent information

Business Context Applications

• Reimbursement Routing: Defines settlement path between correspondent banks
• Nostro Account Management: Specifies accounts used for correspondent settlements
• Currency Settlement: Enables currency-specific correspondent arrangements
• Cross-Border Payments: Essential for international payment routing and settlement

Usage Rules and Conditions

• Conditional Presence: Required when no direct account relationship exists (Rule C4)
• Direct Relationships: Omitted when unique bilateral account relationship exists
• Multiple Accounts: Option B with party identifier when multiple accounts exist
• Cover Messages: May trigger MT 202 COV requirement for certain configurations

Network Validation Requirements

• BIC Registration: All BIC codes must be registered financial institutions
• Account Validity: Party identifiers must reference valid correspondent accounts
• Reachability: Correspondent institutions must be operational and reachable
• Currency Support: Correspondents must support transaction currency

Correspondent Banking Logic

Direct Account Relationships

• Unique Accounts: When only one account exists, field may be omitted
• Bilateral Agreements: Pre-agreed account arrangements remove field requirement
• Standard Currencies: Common currency pairs with established relationships

Multiple Account Scenarios

• Currency-Specific: Different correspondents for different currencies
• Service-Specific: Specialized correspondents for different services
• Geographic: Regional correspondents for specific market coverage
• Risk Management: Diversified correspondent relationships for risk mitigation

Cover Message Requirements

• Non-Receiver Branch: Field 53A containing non-Receiver branch triggers cover message
• MT 202 COV: Cover payment message required for certain correspondent configurations
• Settlement Coordination: Ensures proper settlement through correspondent network
• Regulatory Compliance: Meets regulatory requirements for payment transparency

Regional Considerations

• European Networks: TARGET2 correspondent arrangements and SEPA integration
• US Systems: Fedwire correspondent relationships and dollar clearing
• Asian Markets: Regional correspondent networks and local currency clearing
• Cross-Border: Multi-currency correspondent arrangements and settlement

Risk Management Applications

• Counterparty Risk: Correspondent bank risk assessment and management
• Settlement Risk: Mitigation through established correspondent relationships
• Operational Risk: Backup correspondent arrangements for business continuity
• Regulatory Risk: Compliance with correspondent banking regulations

STP Processing Benefits

• Automated Routing: System-driven correspondent routing based on clear identification
• Settlement Efficiency: Streamlined settlement through established relationships
• Exception Reduction: Proper correspondent identification reduces processing delays
• Straight-Through Processing: Enhanced STP rates through structured correspondent data

Error Prevention Guidelines

• Relationship Verification: Confirm correspondent relationships are active
• Account Validation: Verify correspondent accounts are operational
• Currency Checking: Ensure correspondent supports transaction currency
• Format Compliance: Exact adherence to option format requirements

Related Fields Integration

• Field 52A: Ordering Institution (institutional hierarchy)
• Field 54A: Receiver’s Correspondent (settlement coordination)
• Field 57A: Account With Institution (final delivery arrangement)
• Field 32A: Value Date, Currency, Amount (settlement details)

Compliance Framework

• Correspondent Due Diligence: Enhanced due diligence on correspondent relationships
• Regulatory Reporting: Correspondent banking relationship reporting requirements
• AML Compliance: Anti-money laundering considerations in correspondent banking
• Sanctions Screening: Correspondent bank sanctions screening requirements

Settlement Coordination

• Nostro Management: Coordination with nostro account balances and limits
• Value Dating: Alignment with correspondent value dating practices
• Cut-off Times: Coordination with correspondent processing cut-offs
• Holiday Calendars: Consideration of correspondent market holidays

See Also

• Swift FIN User Handbook: Sender’s Correspondent Specifications

• Correspondent Banking Guidelines: Relationship Management Standards

• Settlement Systems: Cross-Border Settlement Mechanisms

• Risk Management: Correspondent Banking Risk Assessment

  Field 53A: Sender’s Correspondent (BIC with Party Identifier)

Structured correspondent identification using BIC code with optional party identifier. Preferred option for automated correspondent banking processing.

Fields

party_identifier: Option<String>

Optional party identifier for correspondent account reference

Format: [/1!a][/34x] - Single character code + up to 34 character identifier Used for nostro account identification and correspondent routing

bic: String

Bank Identifier Code of the sender’s correspondent

Format: 4!a2!a2!c[3!c] - 8 or 11 character BIC code Must be registered financial institution BIC

Trait Implementations

impl Clone for Field53A

fn clone(&self) -> Field53A

Returns a duplicate of the value.

fn clone_from(&mut self, source: &Self)

Performs copy-assignment from source.

impl Debug for Field53A

fn fmt(&self, f: &mut Formatter<'_>) -> Result

Formats the value using the given formatter.

impl<'de> Deserialize<'de> for Field53A

fn deserialize<__D>(__deserializer: __D) -> Result<Self, __D::Error>

where __D: Deserializer<'de>,

Deserialize this value from the given Serde deserializer.

impl PartialEq for Field53A

fn eq(&self, other: &Field53A) -> bool

Tests for self and other values to be equal, and is used by ==.

fn ne(&self, other: &Rhs) -> bool

Tests for !=. The default implementation is almost always sufficient, and should not be overridden without very good reason.

impl Serialize for Field53A

fn serialize<__S>(&self, __serializer: __S) -> Result<__S::Ok, __S::Error>

where __S: Serializer,

Serialize this value into the given Serde serializer.

impl SwiftField for Field53A

fn parse(value: &str) -> Result<Self>

Parse field value from string representation

fn to_swift_string(&self) -> String

Convert field back to SWIFT string format

fn format_spec() -> &'static str

Get field format specification

fn parse_with_variant( value: &str, _variant: Option<&str>, _field_tag: Option<&str>, ) -> Result<Self>

where Self: Sized,

Parse field value with variant hint for enum fields Default implementation falls back to regular parse

fn valid_variants() -> Option<Vec<&'static str>>

Get valid variant letters for enum fields Returns None for non-enum fields, Some(vec) for enum fields

impl StructuralPartialEq for Field53A