Specification of SWIFT MT
SWIFT messages consist of five blocks of the data including three headers, message content, and a trailer. Message types are crucial to identifying content.
Below are different SWIFT message types
||Customer Payments and Cheques|
||Financial Institution Transfers|
||Collection and Cash Letters|
||Treasury Markets - Metals and Syndications|
||Documentary Credits and Guarantees|
||Cash Management and Customer Status|
All SWIFT messages include the literal "MT" (Message Type). This is followed by a three-digit number that denotes the message category, group and type. Consider the following example -- MT103:
The first digit (1) represents the category. A category denotes messages that relate to particular financial instruments or services such as Cash Transfer(1), Treasury (3), or Cash Management (9). The category denoted by 1 is Cash Transfer.
The second digit (0) represents a group of related parts in a transaction life cycle. The group indicated by 0 is a Financial Institution Transfer.
The third digit (3) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 3 is a notification.
Below are the fields of an MT 103 message . These fields are referred to as tags.
|:20||Transaction Reference Number|
|:23B||Bank Operation Code|
|:32A||Value Date / Currency / Interbank Settled|
|:33B||Currency / Original Ordered Amount|
|:50A, F or K||Ordering Customer (Payer) or Address of the remitter.|
|:52A or D||Ordering Institution (Payer's Bank)|
|:53A, B or D||Sender's Correspondent (Bank)|
|:54A, B or D||Receiver's Correspondent (Bank)|
|:56A, C or D||Intermediary (Bank)|
|:59 or 59A||Beneficiary|
|:57A, B, C or D||Account with Institution (Beneficiary's Bank)|
|:71A||Details of Charges (OUR/SHA/BEN)|
|:72||Sender to Receiver Information|
As per SWIFT standard account number to be entered in IBAN (International Bank Account Number) format or in BBAN format (for domestic payments).