Exploring Payment Platforms - ISO 20022 and ISO 8583PECB
Have you thought about the process of communication in the financial institutions? On this webinar, we go over the importance of standards ISO 20022 and ISO 8583 and how it can help financial institution to create reports that are useful to all interested parties.
Main points covered:
• ISO 20022 and its importance on the financial communication.
• ISO 8583 and its usage on the most credit and debit card transaction.
• How can these two standards leverage to effectively manage the financial transactions and data?
Presenter:
This webinar was presented by Orlando Olumide Odejide. He is a PECB Certified Trainer and an experienced Enterprise Architect and Programme Director working on various technology solutions. His expertise spans to various ISO standard such as ISO 27001, ISO 20000 and ISO 22301, COBIT, CMMI, TOGAF, PRINCE2, ITIL.
Link of the recorded session published on YouTube: https://youtu.be/Ilx6isDrXEU
Exploring Payment Platforms - ISO 20022 and ISO 8583PECB
Have you thought about the process of communication in the financial institutions? On this webinar, we go over the importance of standards ISO 20022 and ISO 8583 and how it can help financial institution to create reports that are useful to all interested parties.
Main points covered:
• ISO 20022 and its importance on the financial communication.
• ISO 8583 and its usage on the most credit and debit card transaction.
• How can these two standards leverage to effectively manage the financial transactions and data?
Presenter:
This webinar was presented by Orlando Olumide Odejide. He is a PECB Certified Trainer and an experienced Enterprise Architect and Programme Director working on various technology solutions. His expertise spans to various ISO standard such as ISO 27001, ISO 20000 and ISO 22301, COBIT, CMMI, TOGAF, PRINCE2, ITIL.
Link of the recorded session published on YouTube: https://youtu.be/Ilx6isDrXEU
What payment is? What Payment Gateway/ Payment aggregator is?
How PG/Aggregator to be selected/charges/make money?MID & LiveID. What is Transaction, Refund? What are the Risk their understanding? What are Payment Pages, how to save cards, transaction routing & integration?
Peter Afanasiev - Architecture of online PaymentsCiklum Ukraine
Payment Service Providers
Merchant Payment Systems
General architecture of a Payment System
Know-hows:
Payment queues with MSSQL Broker
Adapter Polymorphism
Tracing in Service Oriented World
Dynamic configuration editor with ASP.Net MVC
Real time gross settlement systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. It can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
This gives a high-level view of the processes involved in a trade life cycle like Trade execution, capture, affirmation, settlement and reconciliation.
What payment is? What Payment Gateway/ Payment aggregator is?
How PG/Aggregator to be selected/charges/make money?MID & LiveID. What is Transaction, Refund? What are the Risk their understanding? What are Payment Pages, how to save cards, transaction routing & integration?
Peter Afanasiev - Architecture of online PaymentsCiklum Ukraine
Payment Service Providers
Merchant Payment Systems
General architecture of a Payment System
Know-hows:
Payment queues with MSSQL Broker
Adapter Polymorphism
Tracing in Service Oriented World
Dynamic configuration editor with ASP.Net MVC
Real time gross settlement systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. It can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
This gives a high-level view of the processes involved in a trade life cycle like Trade execution, capture, affirmation, settlement and reconciliation.
🚢 🚢 🚢 Swift and Secure: TT in AV Shipping Transactions🚢 🚢 🚢AV e-Duniya
What Is a Telegraphic Transfer (TT)?
A telegraphic transfer (TT), which is also called a telegraphic or wire transfer, is a way to move money from one bank account to another online. It is a quick and safe way to send money, especially for deals between countries. The term "telegraphic" originated when banks used telegraphy to send information across distances.
In the beginning, telegraphs were used to send money between banks, as the name suggests. They went to their bank and got the information they needed about the amount they sent and who it was for. Using Morse code, a bank operator would communicate with the recipient's bank.
Key Components of TT in Shipment:
Starting up the TT:
The person who is supposed to make the payment (usually the buyer or importer) starts the TT process. They start the transfer by giving information like the name of the receiver (the seller or exporter), the amount that needs to be sent, and any other information that is needed.
Safe Online Communication:
In the past, TT transactions were done through telegraphy and Morse code. These days, TTs use safe electronic contact pathways. SWIFT codes make it easier for banks to send payment directions safely because they act as unique IDs.
SWIFT Code:
In TT transfers, SWIFT numbers are very important. These numbers ensure that all banks worldwide can be identified and communicate effectively with each other. SWIFT codes in payment directions ensure that TTs are carried out safely and correctly.
Integrating Letters of Credit (LC):
Letters of credit and TTs are often linked in complex ways. The buyer's bank promises the seller in foreign trade that the buyer will pay if certain conditions are met. After this, TTs send the payment.
Beneficiary Role:
The receiver in a TT exchange is the person who receives the money. This person is usually the seller or exporter. After completing the TT process, the recipient's bank account receives the sent amount. This makes it easy and safe to pay for shipped goods.
Contemplating Currency Exchange:
TT often involves exchanging money because shipments are often done across borders. Monitoring exchange rates is crucial for businesses as fluctuations can significantly impact the total cost of a transaction.
Quick and Effective:
One thing that makes TT unique is how fast and efficiently it works. Quick deals are common nowadays. Completing TTs within two to four working days typically accelerates fund transfers between the buyer and seller.
How does works trace swift messaging servicesTrace Software
The best Services in Swift Messaging Services now in India Trace Software. Today, We are handling many Projects in many Different Countries Like- USA, U.K, UAE, Europe, Asia and the Services are Mobile Apps Development, Software Development and Product Development, Offshore and Outsourcing, Website Designing, Software Testing. For more Queries Contact us:- info@tracesoftware.in
Inter-bank Fund Transfer in Vietnam and related systemstruongbx
How money can be sent from one bank to another bank in Vietnam via Inter-bank transfers and some reason behind that.
The goal is to help the developer of different systems who may involve inter-bank transfer to understand better about what they have in hand and where are the areas they could focus in. The talk will cover:
- Overview/Context of Interbank transfer systems
- IBPS (CITAD)
- NAPAS real-time interbank transfer systems
- Briefly on other related systems
- Improvement ideas
difference-between-swift-and-local-transfer (1).pdfSalt Poziom INC
SWIFT is the shortened version of Society for Worldwide Interbank Financial Telecommunication. It is an organisation that standardises international financial transactions. It was established when banks worldwide required a reliable, uniform method for international money transfers.
Real Time Gross Settlement (RTGS) and other electronic local payment systems are used for local transfers. To transfer money to the local bank account of the remittance provider in the sending currency, the customer utilises a domestic transfer. The remittance provider handles the FX conversion through its network, and the converted amount is paid at a pre-set rate in the destination currency.
Read more about SWIFT and Local Transfers here: https://www.salt.pe/blog/what-is-the-difference-between-swift-and-local-transactions-cle41fq2a736321nnt11e7x738
Salt is a fintech startup based out of Bangalore, helping businesses thrive in the international market with effortless international payments and the compliances.
Read more about Salt here: https://www.salt.pe
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
3. Correspondent Banks
• A correspondent bank provides services on behalf of another
bank, serving as a middleman of sorts between the issuing
bank and the receiving bank. Domestic banks often use
correspondent banks as their agent abroad to finish
transactions that either start or end in foreign nations.
• The correspondent bank can execute a number of transactions
on behalf of the domestic bank. These include completing wire
transfers, accepting deposits, serving as transfer agents, and
coordinating documents for another bank.
4. Intermediary Banks
• An intermediary bank is often needed when
international wire transfers are occurring
between two banks, often in different countries
that don't have an established financial
relationship
• Intermediary banks send cash to complete
foreign transactions, but the transactions are
just for one currency. Usually, in this instance,
a domestic bank is too small to handle
international transfers, so it reaches out to an
intermediary bank.
5. International Payment
IF BOTH THE BANK ARE ASSOCIATED WITH
EACH OTHER THERE IS NO SETTLEMENT
REQUIRED
IF BANK ARE NOT ASSOCIATED WITH EACH
OTHER THE CLEAR AND SETTLEMENT
SERVICE COMES IN THE PICTURE. THE
SETTLEMENT SERVICE WHICH IS
ASSOCIATED WITH RECEIVERS SIDE WILL BE
USED.
6. Clearing and Settlement
• Clearing is all of the steps involved in
transferring funds ownership from one party to
another except for the final step, which is
settlement.
• Settlement involves the finalization of a
payment, so that a new party takes possession
of transferred funds.
8. SWIFT
• SWIFT message types are the format or schema used to send
messages to financial institutions on the SWIFT (Society for
Worldwide Interbank Financial Telecommunication) network.
The original message types were developed by SWIFT and a
subset was retrospectively made into an ISO standard, ISO
15022. In many instances, SWIFT message types between
custodians follow the ISO standard.
• SWIFT is a vast messaging network used by banks and
other financial institutions to quickly, accurately, and securely
send and receive information, such as money transfer
instructions.
• The SWIFT international payment network is one of the largest
financial messaging systems in the world. TransferWise can
send or receive certain currencies via SWIFT payment.
9. 1. Instruct his bank to pay 4. Credit amount to Receiver
2. Send payment instruction to receivers bank
Sender Bank Receiver Bank
Settlement Service
3. Carries out settlement between Sender
and Receiver Bank
10. How SWIFT
works?
SWIFT have Message Structure, are the
format or schema used to send message to
financial institution.
12. SWIFT Message Structure
• A SWIFT MT message consists of the following blocks or segments:
→ {1:} Basic Header Block
→ {2:} Application Header Block
→ {3:} User Header Block
→ {4:} Text Block
→ {5:} Trailer Block
13. 1. SWIFT Message Structure: Basic
Header Block
• {1: – Identifies the Block – i.e. the Basic Header Block
• F – Indicates the Application Id – in this case, FIN
• 01 – Indicates the Service Id
• 01 = FIN
• 21 = Acknowledgement (ACK) or Negative Acknowledgement (NAK)
• YOURCODEZABC – The Logical Terminal Address – which is typically your
BIC 8 (YOURCODE) + Logical Terminal Code (Z) + Branch Code
• I know YOURCODE is an invalid BIC – but lets go with it…
• 1234 – Session Number – Ask SWIFT or your Service Bureau how they
want you to populate this – this is not very interesting for corporates
• 567890 – Sequence Number – As above, ask your SWIFT people how they
want this populated
• } – Indicated the end of the Basic Header Block
We will learn BIC in next slide
14. How is a
SWIFT / BIC
code
structured?
• When making a domestic or international
payment, you may be asked to supply a BIC
code to identify the financial institution where
the account of the beneficiary resides. The BIC
code is easily identifiable as it is made up of 8
or 11 characters broken down as such:
• Bank code (A-Z) : 4 letter code.
• Country code (A-Z) : 2 letter code.
• Location Code (0-9 or A-Z) : 2 digit code –
either letters or numbers.
• Branch Code (0-9 or A-Z) : optional 3 digit
code – either letters or numbers*.
15. 2. SWIFT Message Structure:
Application Header Block
• {2: – Indicates the start of the Application Header block
• I – Informs you that you’re in Input mode (i.e. the Sender), O would
indicate Output mode – so you would be the recipient of the message
• 101 – Message type – in this case, an MT101
• YOURBANKXJKL – The recipients BIC, consisting of their BIC (YOURBANK) +
Recipients Logical Terminal Code (X) + Recipients Branch Code (JKL)
• U – Message Priority:
• U – Urgent
• N – Normal
• S – System
• 3 – Delivery Monitoring – Ask your SWIFT contacts or Service Bureau how
you should populate this, if at all – Optional
• 003 – Non-delivery notification period – again, ask your SWIFT contacts
how to populate this, if at all – Optional
• } – Indicated the end of the Application Header Block
16. SWIFT Message Structure: Application Header Block
• Input
• Used in outgoing messages, when a message is input to the SWIFT network.
• I = Input
• Receiver's address with X in position 9/ It is padded with Xs if no branch is required. Example: BANKDEFFXXXX
• The message priority (S = System, N = Normal, U = Urgent)
• Delivery monitoring (1 = Non delivery warning, 2 = Delivery notification, 3 = Both valid
• Obsolescence period. It specifies when a non-delivery notification (003 - 15 minutes, 020 - 100 minutes)
• Output
• Used in incoming messages, when a message is output from the SWIFT network.
• O = Output
• Input time with respect to the sender
• The Message Input Reference (MIR), including input date, with Sender's address.
• Output date and time with respect to Receiver
• Message priority
17. 3. SWIFT Message Structure: User
Header Block
• {3: – Indicates the start of the User Header Block
• {113:SEPA} This is an optional 4 alphanumeric bank priority
code
• {108:ILOVESEPA} – Indicates the Message User Reference
(MUR) value, which can be up to 16 characters, and will be
returned in the ACK
• } – Indicated the end of the User Header Block
18. 4. SWIFT Message Structure: Text
Block
• {4:
• Followed by the details of the message you’re sending. In this
case, it is a MT101 – as indicated in Application Header Block
message type. work with your bank(s) to understand their
specific message requirements.
• Finally ending with -}
19. 5. SWIFT Message Structure: Trailer
Block
• {5:
• This can be added by you or the system. Work with your SWIFT
contacts to know if you need to indicate this block.
• And ends with }
20. Till Now we have seen the Message Structure,
now
we will see the Message Type for different type of
Payments
21. Message Type
(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.
Generally MT 1** series message are for customer payments
and cheques.
MT 2** series messages are financial institution transfers.
MT 103 - is used for cash transfer specifically for cross
border/international transfers. Simply, this is an instruction
given by the customer.
MT 202 - is used for bank/bank transfer (Mostly used by
financial institutions/banks etc.
22. Specification of
SWIFT MT
Message type Description
MT0xx System messages
MT1xx Customer payments and cheques
MT2xx Financial institution transfers
MT3xx Treasury markets
MT4xx Collection and cash letters
MT5xx Securities markets
MT6xx Treasury markets – metals and syndications
MT7xx Documentary credits and guarantees
MT8xx Travelers cheques
MT9xx Cash management and customer status
24. What is
MT103?
• MT103s are globally accepted as proofs of
payment and include all payment details such
as date, amount, currency, sender and
recipient.
• MT103s are also great for tracing
payments which are missing or delayed
because they show the route of the payment
between the banks.
• Payment initiation
25.
26. MT103
Fields
STATUS TAG FIELD NAME CONTENT/OPTIONS NO.
M 20 Sender's Reference 16x 1
----->
O 13C Time Indication /8c/4!n1!x4!n 2
-----|
M 23B Bank Operation Code 4!c 3
----->
O 23E Instruction Code 4!c[/30x] 4
-----|
O 26T Transaction Type Code 3!c 5
M 32A Value Date/Currency/Interbank Settled Amount 6!n3!a15d 6
O 33B Currency/Instructed Amount 3!a15d 7
O 36 Exchange Rate 12d 8
M 50a Ordering Customer A, F, or K 9
O 51A Sending Institution
[/1!a][/34x]
4!a2!a2!c[3!c]
10
O 52a Ordering Institution A or D 11
O 53a Sender's Correspondent A, B, or D 12
O 54a Receiver's Correspondent A, B, or D 13
O 55a Third Reimbursement Institution A, B, or D 14
O 56a Intermediary Institution A, C, or D 15
O 57a Account With Institution A, B, C, or D 16
M 59a Beneficiary Customer No letter option, A, or F 17
O 70 Remittance Information 4*35x 18
M 71A Details of Charges 3!a 19
----->
O 71F Sender's Charges 3!a15d 20
-----|
O 71G Receiver's Charges 3!a15d 21
O 72 Sender to Receiver Information 6*35x 22
O 77B Regulatory Reporting 3*35x 23
27. What is
MT202?
• The MT202 also creates an audit trail, so it's
easy to see who helped process the transfer of
funds from the sender to the recipient.
• Facilitating the movement of funds between
financial institutions
• Settlement Notification
28.
29. MT202 Fields
STATUS TAG FIELD NAME CONTENT/OPTIONS NO.
M 20
Transaction Reference
Number
16x 1
M 21 Related Reference 16x 2
----->
O 13C Time Indication /8c/4!n1!x4!n 3
-----|
M 32A
Value Date, Currency
Code, Amount
6!n3!a15d 4
O 52a Ordering Institution A or D 5
O 53a Sender's Correspondent A, B, or D 6
O 54a
Receiver's
Correspondent
A, B, or D 7
O 56a Intermediary A or D 8
O 57a Account With Institution A, B, or D 9
M 58a Beneficiary Institution A or D 10
O 72
Sender to Receiver
Information
6*35x 11
M = Mandatory, O = Optional - Network Validated Rules may apply
30. What is
MT202Cov?
• MT202 COV is a SWIFT message format for
financial institution (FI) funds transfer between
financial institutions.
• The MT202 COV is the bank-to-bank order that
instructs funds movement in alignment with the
MT103 messages.
• The MT202 COV is needed because of
correspondent banking networks and the
complexity of international funds movements.
Thus, an MT103 instruction is sent directly from
the originator's bank to the beneficiary's bank
instructing an account credit. The MT202 COV
instruction then works across the correspondent
banking network, instructing funds to move
across intermediate banks.
31. MT 202COV
Usage Rules
• All parties to the financial institution transfer (Sequence
A) must be financial institutions.
• The transfer of funds between the ordering institution and
the beneficiary institution is always related to (an)
underlying customer credit transfer(s). Field 21 must refer
to the underlying transaction(s).
• The MT202 COV must not be used to convey customer
credit transfer instructions; it is used to order the
movement of funds related to underlying customer credit
transfers that were sent with the cover method.
• The MT202 COV must not be forwarded to the beneficiary
financial institution for reporting purposes.
• Usage of MT202 COV should only be with the conjunction
of MT103/MT103 +.
32. MT202Cov
Fields
STATUS TAG FIELD NAME CONTENT/OPTIONS NO.
Mandatory Sequence A General Information
M 20 Transaction Reference Number 16x 1
M 21 Related Reference 16x 2
----->
O 13C Time Indication /8c/4!n1!x4!n 3
-----|
M 32A Value Date, Currency Code, Amount 6!n3!a15d 4
O 52a Ordering Institution A or D 5
O 53a Sender's Correspondent A, B, or D 6
O 54a Receiver's Correspondent A, B, or D 7
O 56a Intermediary A or D 8
O 57a Account With Institution A, B, or D 9
M 58a Beneficiary Institution A or D 10
O 72 Sender to Receiver Information 6*35x 11
End of Sequence A General Information
Mandatory Sequence B Underlying Customer Credit Transfer Details
M 50a Ordering Customer A, F, or K 12
O 52a Ordering Institution A or D 13
O 56a Intermediary Institution A, C, or D 14
O 57a Account With Institution A, B, C, or D 15
M 59a Beneficiary Customer No letter option, A, or F 16
O 70 Remittance Information 4*35x 17
O 72 Sender to Receiver Information 6*35x 18
O 33B Currency/Instructed Amount 3!a15d 19
End of Sequence B Underlying Customer Credit Transfer Details
M = Mandatory, O = Optional - Network Validated Rules may apply
33. Difference Between MT202 and MT202COV
MT202 COV IS NOW MANDATED
FOR COVER PAYMENTS
MT202 IS STRICTLY FOR BANK-
TO-BANK PAYMENTS.
34. What is
MT901?
• It is used to notify the account owner of an
entry which has been credited to its account.
The entry will be further confirmed by
statement.
• Sent by a concentrating financial institution to
an account owner or a party authorised by the
account owner to receive the information.
• Sent by an account servicing institution to an
account owner.
35. MT901
Fields
STATUS TAG FIELD NAME CONTENT/OPTIONS NO.
M 20
Transaction Reference
Number
16x 1
M 21 Related Reference 16x 2
M 25a Account Identification No letter option or P 3
O 13D Date/Time Indication 6!n4!n1!x4!n 4
M 32A
Value Date, Currency
Code, Amount
6!n3!a15d 5
O 50a Ordering Customer A, F, or K 6
O 52a Ordering Institution A or D 7
O 56a Intermediary A or D 8
O 72
Sender to Receiver
Information
6*35x 9
M = Mandatory, O = Optional - Network Validated Rules may apply
37. MT103 Simple Case
The customer “Vishal" of bank ICICI in Switzerland wants to send 500k EUR to “Coca Cola”,
a corporation located in Paris which is a Citi customer.
38. Vishal Citi
CITIXXXXXX123
ICICI
ICICIXXXXX123
Coca ColaMT103
Field Name TAG Value
Sender Block 1 ICICIXXXXX123 (ICICI)
Message Type Block 2 103
Receiver Block 2 CITIXXXXXX123 (Citi)
Sender’s Reference 20 1234ABCD
Bank Operation Code 23B CRED
Date/Currency/Amount 32A 200504EUR500000
Currency/Amount 33B EUR499950,0
Ordering Customer 50K /ABCDEF123456
Vishal
Beneficiary Customer 59 /GHIJKLM78900
Coca Cola
40. MT202
YES Bank wants to send 1 million euros from its general VOSTRO
account 1234-5678 by BNP Paribas to another of its own account
FR982381827331 also by BNP Paribas.
The field "Receiver's Correspondent" - 53B - is diverted for the usage of
identifying the source account to use for debit.
41. YES Bank Citi BankMT202
Field Name Tag Value
Sender Block 1 YESXXXXXXX123
Message Type Block 2 202
Receiver Block 2 CITIXXXXXX123
Sender Reference 20 1234ABCD
Related Reference 21 1234ABCD
Date/Currency/Amount 32A 200503EUR1000000
Receiver’s Correspondence 53B /12345678
Account with Institution 57A /ABCDE1234567
CITIXXXXXX123
Beneficiary Institution 58A YESXXXXXXX123
43. MT202 COV
Trump wants to send money from US to Modi in India on 1st May 2020. Trump will instruct his bank
BNY using either a written instruction or using his internet banking. Bank will then, using the details
in the form initiate/construct an MT103 message and send it to SBI India.
Upon receiving this MT103, SBI will know who has sent the fund, from where, how much and to
whom etc.. but SBI will not credit Modi's account immediately. Because it has only received the
instruction from BNY but not the money yet! BNY is then also expected to send an MT202 which
will contain details of what account of BNY in SBI's book to debit and then credit the funds to
beneficiary. This MT202 is actually the cover for MT103 sent earlier and hence called MT202Cov.
45. MT202COV
STATUS TAG FIELD NAME CONTENT
M 20 Transaction Reference Number BNY01060001
M 21 Related Reference 103REF405775
----->
O 13C Time Indication
-----|
M 32A Value Date, Currency Code, Amount 200515USD,100000000.00
O 52a Ordering Institution BNY
O 53a Sender's Correspondent CITI US
O 54a Receiver's Correspondent
O 56a Intermediary
O 57a Account With Institution CITI INDIA
M 58a Beneficiary Institution SBI
O 72 Sender to Receiver Information TRUMPTOMODI
M = Mandatory, O = Optional - Network Validated Rules may apply
46. MT103
STATUS TAG FIELD NAME Content
M 20 Sender's Reference BNY1234
O 13C Time Indication
M 23B Bank Operation Code CRED
O 23E Instruction Code
O 26T Transaction Type Code
M 32A Value Date/Currency/Interbank Settled Amount 200515USD,100000000.00
O 33B Currency/Instructed Amount USD100000000.00
M 50a Ordering Customer /US123456776 Trump
O 51A Sending Institution
O 52a Ordering Institution
O 53a Sender's Correspondent CITI US
O 54a Receiver's Correspondent
O 57a Account With Institution
M 59a Beneficiary Customer /IN11123456 MODI
O 70 Remittance Information
M 71A Details of Charges OUR
O 71F Sender's Charges
O 71G Receiver's Charges USD10.50
47. MT901
STATUS TAG FIELD NAME EXAMPLE COMMENT
M 20
Transaction Reference
Number
BNY01060001 This is the Sender's Reference specific to this MT910
M 21 Related Reference 103REF405775
This is the Sender's Reference (:20:) of the MT103
Announcement
M 25a Account Identification 835-162-85
O 13D Date/Time Indication 1808301535-0400
Date takes the format YYMMDD. Time takes the format HHMM.
Time zone comes after the +/- sign (- in this case). 1535 is UTC-4
hours. So UTC is 1935. UTC stands for Universal Time
Coordinated.
M 32A
Value Date, Currency Code,
Amount
200515USD,100000000.00 6!n3!a15d (Date)(Currency)(Amount)
O 50a Ordering Customer
O 52a Ordering Institution BNPAFRPP
O 56a Intermediary PNBPUS3N
The Sender received the funds directly from PNBPUS3N and not
from BNPAFRPP. That is why this field is populated.
O 72
Sender to Receiver
Information
M = Mandatory, O = Optional - Network Validated Rules may apply