What is Field 51a: Applicant Bank?
Field 51a: Applicant Bank is a field in MT 700 swift message type that is used to specify the bank of the applicant customer, if different from the issuing bank.
This is an optional field.
This field specifies the bank of the applicant customer, if different from the issuing bank.
Identifier Code must be a registered financial institution BIC.
Identifier Code must be a financial institution BIC. This error code applies to all types of BICs referenced in a FIN message including connected BICs, non-connected BICs, Masters, Synonyms, Live destinations and Test & Training destinations.
Field 51a: Applicant Bank:
This field should be used when applicant’s bank could not issue the letter of credit by itself but have the letter of credit issued to another bank. This may be the case in some situations such as if the applicant bank has no SWIFT arrangement or applicant bank is not allowed to issue a letter of credit by itself due to corporate rules or government regulations.