21.1.5.5 Capture Party Details
To effect a securities deal, you may have to pass on funds through a series of banks before it actually reaches the ultimate beneficiary. Through the two ‘Parties’ screens you can capture details of all the parties that will be involved in settlement of the deal.
These screens contain fields that explore the possible routes in which the deal components can be transferred.
Table 21-12 Field Description
Field | Description |
---|---|
Intermediary Reimbursement Institution |
An ‘Intermediary Reimbursement Institution’ is the financial institution between the Sender’s Correspondent and the Receiver’s Correspondent, through which the reimbursement of the deal will take place. |
Intermediary |
The ‘Intermediary’ in a deal, refers to the financial institution, between the ‘Receiver’ and the ‘Account With Institution’, through which the deal component 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 S.W.I.F.T. Here you can enter either the:
|
Receiver’s Correspondent |
The ‘Receiver’s Correspondent’ is the branch of the Receiver or another financial institution at which the funds will be made available to the Receiver. This field corresponds to field 54a of S.W.I.F.T. You can enter one of the following:
|
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 S.W.I.F.T. You can enter one of the following:
|
Ordering Institution |
The ‘Ordering Institution’ is the financial institution, which is acting on behalf of itself, or a customer, to initiate the transaction. This field corresponds to 52a of S.W.I.F.T. In this field you can enter one of the following:
|
Ordering Customer |
The ‘Ordering Customer’ refers to the ordering customer of the deal. Here you can enter the name and address or the account number of the Customer, ordering the transaction. This field corresponds to field 50 of S.W.I.F.T. You will be allowed to enter details in this field only if you have initiated a customer transfer (MT 100 and MT 202). |
Beneficiary Institution |
Here, you can enter details of the institution in favor of which the payment is made. It is in reality the bank that services the account of the Ultimate Beneficiary. This field corresponds to field 58a of S.W.I.F.T. You will be allowed to make entries into this field only for Bank Transfers (when the remitter and beneficiary of the transfer are financial institutions -- MT 100 or MT 202). Here you can enter either:
|
Ultimate Beneficiary |
The Ultimate Beneficiary refers to the Customer to whom the deal amount is to be paid. This field refers to field 59 of S.W.I.F.T. You can make entries into this field only for a customer transfer (MT 100 and MT 202). The number of banks involved in the transfer would depend on the:
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Parent topic: Settlement Instructions for a Deal Leg