One Level of Clearing

One Level of Clearing – Single Cash Account

MT103 to ALERT

SWIFT Role	ALERT Field	MT103
Settlement Agency Data	Bank Code 1 (Sort Code, CHIPS UID, or ABA)	57A Line 2
Beneficiary Institution	Receiving Agent Institution BIC	57A Line 1
	Receiving Agent Account/IBAN	59 Line 1
	Receiving Agent Institution Name	57A Line 3
	Account Name from General Account Information	59 Line 2

SWIFT parties, tags and mapping to ALERT

One Level of Clearing – Single Cash Account

MT202 / MT202COV

SWIFT Role	ALERT Field	MT304
Settlement Agency Data	Bank Code 1 (Sort Code, CHIPS UID, or ABA)	57A Line 2
Beneficiary Institution	Receiving Agent Institution BIC	57A Line 1
	Receiving Agent Account/IBAN	58A Line 1
	Account Name from General Account Information	58A Line 3

SWIFT parties, tags and mapping to ALERT

Notes

Common practice for GCs and IMs who have SSIs with one level of clearing: Place the valid account number in the Final Beneficiary Account field and put either a full stop (period) or other commentary in the Receiving Agent Account number and dual populate the BIC in both the Receiving Agent and Final Beneficiary Inst BIC fields. Dual populating both valid BIC and account number in both the Receiving Agent and Beneficiary Inst BIC and account number fields.

This practice is in place due to the ALERT validation rule, whereby receiving agent BIC is mandatory for ALL levels of clearing. ALERT will be making a change to validation rules, making Beneficiary BIC mandatory and Receiving agent BIC conditional to eliminate the need for dual population for one level of clearing. Rule change expected Q3 2025.