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Optional
This field identifies the bank with which the credit is available (the place for presentation) and an indication of how the credit is available.
In option A or D, Code must contain one of the following codes (Error code(s): T68):
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Identifier Code must be a registered financial institution BIC (Error code(s): T27,T28,T29,T45).
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 (Error code(s): C05).
If the credit is to be freely negotiable by any bank, option D must be used with the phrase Any bank in ... (city or country).
If the credit is to be freely negotiable by any bank anywhere in the world, an indication of country is not required.
When Code contains BY PAYMENT, this should be understood to mean payment at sight.