1.2.4 Parties involved in Receiver

You can capture details of parties involved in receiver's correspondent.

To capture details of parties

Specify the User ID and Password, and login to Homepage.

From the Homepage, navigate to Settlement Instructions Maintenance screen.

1. In the Settlement Instructions Maintenance screen, click Pay Party tab.
   The Pay Party details are displayed.

   Figure 1-4 Pay Party -Receiver

   
   Description of "Figure 1-4 Pay Party -Receiver"
2. You can enter the following details in this tab. For information on fields, refer to the field description table.

   Table 1-4 Pay Party tab

   Field	Description
   Receiver’s Correspondent	The branch of the Receiver, or another financial institution, at which the funds are made available to the Receiver.The information you specify here corresponds to Field 54a of a Swift message. You can enter one of the following: ISO Bank Identifier Code of the bank Branch of the Receiver’s Correspondent Name and address of the Receiver’s Correspondent
   Intermediary Reimbursement Institution	The financial institution between the Sender’s Correspondent and the Receiver’s Correspondent, through which the reimbursement of the transfer takes place.
   Intermediary	The ‘Intermediary’ in a payment refers to the financial institution, between the ‘Receiver’ and the ‘Account with Institution’, through which the transfer must pass. The Intermediary may be a branch or affiliate of the Receiver or the account with Institution, or an entirely different financial institution. This field corresponds to field 56a of a SWIFT message. You can either enter any of the following: ISO Bank Identifier Code of the bank The Name and address of the Bank
   Account with Institution	An ‘Account with Institution’ refers to the financial institution, at which the ordering party requests the Beneficiary to be paid. The Account with Institution may be a branch or affiliate of the Receiver, or of the Intermediary, or of the Beneficiary Institution, or an entirely different financial institution. This field corresponds to Field 57a of a SWIFT message. You can enter one of the following: ISO Bank Identifier Code of the bank Branch of the Receiver’s Correspondent Name and address of the Receiver’s Correspondent Other identification codes, for example, account number If the ‘Chinese Characters in Payment’ box is checked in the ‘Loans and Commitments- Branch Parameters’ screen, then only you can enter the Chinese characters in this field for foreign currency and local currency settlement instructions / accounts and there are not any validations in the system. You need to operationally control it. You are allowed to enter the information in Chinese or English or a combination of both in this field. If it is a combination, then the system considers it as Chinese and allow up to 35 characters.
   Receiver	You can specify the final Receiver as apart from the Account with Institution if the Ultimate Beneficiary desires that the payment message should be sent there. If this is not maintained, the Account with Institution becomes the default Receiver.
   Receiver Account	Indicates the account number of the beneficiary. This field corresponds to field 58a of a MT202 cover message.
   Receiver of Cover	You can specify the details of the Receiver of the cover message, which can be any one of the following: ISO Bank Identifier Code of the bank Branch of the Receiver Name and address of the Receiver Other identification codes, for example, account number Note: For more information about specific parties, refer to the SWIFT manuals.
   Settlement through an instrument or message	When the actual settlement event for a contract (involving the entity) takes place, the payment and receive message details are updated in a message hand-off table. The Messaging system picks up the details from this table, and based on the formats set up, generates the messages.