MT-TAG-58A

MT tag 58a identifies the Beneficiary Institution on an MT 202 (Financial Institution Transfer) or MT 205 cover payment.

Definition

Tag 58a appears mainly on MT 202 and 205 (interbank payments) to identify the bank to credit. On MT 103 (customer payment), 58a is rare because the credited party is usually the customer (59), not the bank.

Origin

Present since the earliest specifications. Its role is codified in the SWIFT Standards MT User Handbook for every message type.

Use

An MT 202 from Citibank NY to JPMorgan London for a final customer carries :58A:CHASGB2L (JPMorgan London BIC). The amount credits JPMorgan's account at Citibank.

Related terms

• MT tag 57a — account with institution.
• MT tag 59a — beneficiary customer.
• BIC — identifier format.
• FIToFICstmrCdtTrf — ISO 20022 equivalent.