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
|MT1xx||Customer payments and cheques|
|MT2xx||Financial institution transfers|
|MT4xx||Collection and cash letters|
|MT6xx||Treasury markets – metals and syndications|
|MT7xx||Documentary credits and guarantees|
|MT9xx||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 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 MT103 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|
In the above table, tags 52, 53, 54, 56, and 57 preferably contain ISO 9362 Business Identifier Codes (BICs), whereas tags 50 and 59 preferably contain an account number or a BIC.