Message Reference Guide: Category 2 - Financial Institution Transfers
Message Reference Guide: Category 2 - Financial Institution Transfers
24 July 2015
Category 2 - Financial Institution Transfers for Standards MT November 2015
Table of Contents
Introduction................................................................................................................................................. 4
Overview................................................................................................................................................. 4
Changes ................................................................................................................................................. 4
Volume Formatting Explanation ............................................................................................................. 4
Category 2 Message Types........................................................................................................................ 7
Euro - Impact on Category Message Standards ......................................................................................10
MT 200 Financial Institution Transfer for its Own Account ....................................................................... 11
MT 200 Scope ...................................................................................................................................... 11
MT 200 Format Specifications.............................................................................................................. 11
MT 200 Network Validated Rules ......................................................................................................... 11
MT 200 Usage Rules............................................................................................................................ 11
MT 200 Field Specifications ................................................................................................................. 12
MT 200 Examples ................................................................................................................................ 19
MT 201 Multiple Financial Institution Transfer for its Own Account..........................................................22
MT 201 Scope ...................................................................................................................................... 22
MT 201 Format Specifications.............................................................................................................. 22
MT 201 Network Validated Rules .........................................................................................................23
MT 201 Usage Rules............................................................................................................................ 23
MT 201 Field Specifications ................................................................................................................. 23
MT 201 Examples ................................................................................................................................ 32
MT 202 General Financial Institution Transfer .........................................................................................35
MT 202 Scope ...................................................................................................................................... 35
MT 202 Format Specifications.............................................................................................................. 35
MT 202 Network Validated Rules .........................................................................................................35
MT 202 Usage Rules............................................................................................................................ 36
MT 202 Field Specifications ................................................................................................................. 36
MT 202 Examples ................................................................................................................................ 51
MT 202 COV General Financial Institution Transfer.................................................................................53
MT 202 COV Scope ............................................................................................................................. 53
MT 202 COV Format Specifications .....................................................................................................53
MT 202 COV Network Validated Rules ................................................................................................54
MT 202 COV Usage Rules ................................................................................................................... 54
MT 202 COV Market Practice Rules ....................................................................................................54
MT 202 COV Field Specifications ........................................................................................................55
MT 202 COV Examples........................................................................................................................ 82
MT 203 Multiple General Financial Institution Transfer ............................................................................85
MT 203 Scope ...................................................................................................................................... 85
MT 203 Format Specifications.............................................................................................................. 85
MT 203 Network Validated Rules .........................................................................................................86
MT 203 Usage Rules............................................................................................................................ 86
MT 203 Field Specifications ................................................................................................................. 86
MT 203 Examples .............................................................................................................................. 102
MT 204 Financial Markets Direct Debit Message...................................................................................105
MT 204 Scope .................................................................................................................................... 105
MT 204 Format Specifications............................................................................................................ 105
MT 204 Network Validated Rules .......................................................................................................106
MT 204 Usage Rules.......................................................................................................................... 106
MT 204 Field Specifications ............................................................................................................... 106
MT 204 Examples .............................................................................................................................. 117
MT 205 Financial Institution Transfer Execution ....................................................................................121
MT 205 Scope .................................................................................................................................... 121
MT 205 Format Specifications............................................................................................................ 121
MT 205 Network Validated Rules .......................................................................................................121
MT 205 Field Specifications ............................................................................................................... 122
MT 205 Examples .............................................................................................................................. 135
MT 205 COV Financial Institution Transfer Execution............................................................................138
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Category 2 - Financial Institution Transfers for Standards MT November 2015
Introduction
Overview
Category 2 consists of four types of messages exchanged between and on behalf of financial institutions.
These are:
• financial institution transfers, which are orders for the movement of funds, originated by a financial
institution, in favour of itself or another financial institution.
• notice to receive, which notifies a financial institution of funds which are to be received for the Sender's
account.
• payment messages issued by financial institutions to claim funds from SWIFT member banks.
• cheque truncation messages, to debit, obtain credit or inform of non-payment of truncated cheques.
The messages in this category deal with payments, or information about payments, in which all parties in the
transaction are financial institutions.
Changes
This volume incorporates the following changes to Category 2 - Financial Institution Transfers as noted in the
Standards Release Guide (SRG) 2015 and the relevant updates to the SRG 2015:
• The code CN (Chinese CNAPS clearing code) is added to the list of clearing codes that may be used in
party fields where clearing codes are allowed.
• New network validated rule is added to reject messages which have the currency codes for precious
metals XAU, XAG, XPD, XPT in currency code subfields.
IMPORTANT: This volume contains information effective as of the November 2015 Standards
Release. Therefore the 25 July 2014 edition of the Standards MT User Handbook
volumes remains effective until November 2015.
-----|
M = Mandatory O = Optional
• MT nnn (Message Type Name) provides the message type number and name
◦ M - Mandatory
◦ O - Optional
The status M for fields in optional (sub)sequences means that the field must be present if the
(sub)sequence is present and is otherwise not allowed.
• Field Name is the detailed name of the field tag, for this message type.
• Content/Options provides permitted field length and characteristics. For information concerning field
structure, notation and character restrictions, see the Standards MT General Information.
• No. identifies the number of the field in the Field Specifications for the message type.
Some messages are separated into sequences of fields, as shown above. An arrow indicates that a sequence
of fields may be repeated.
MT Usage Rules
Usage rules are not validated on the network, that is, rules for which no error code is defined, but are
nevertheless mandatory for the correct usage of the message. Rules specified in this section affect more than
one field in the message, or more than one SWIFT message.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
MT Guidelines
Guidelines are not validated on the network and are not mandatory for the correct usage of the message.
They concern good practices. Guidelines specified in this section affect more than one field in the message, or
more than one SWIFT message.
MT Field Specifications
The rules for the use of each field in the message are specified in this section. Each field is identified by its
index number (as shown in the No. column of the MT Format Specifications), field tag and detailed field name,
followed by a description of the field, which may contain some or all of the following:
• FORMAT specifies the field formats which are allowed for the field.
• CODES lists all codes available for use in the field. If there is more than one subfield for which codes are
defined, each separate code list will be identified with a CODES heading. When a list of codes is validated
by the network, the error code will be specified.
• NETWORK VALIDATED RULES specifies rules that are validated on the network, that is, rules for which
an error code is defined. Generally, rules specified in this section affect only the field in which they appear.
In some cases, rules which are validated at the message level, that is, rules which affect more than one
field, are repeated in this section. This is the case when the rule does not affect the presence of the field,
but information within several fields, for example, a currency which must be the same for more than one
field in the message.
• USAGE RULES specifies rules that are not validated on the network, that is, rules for which no error code
is defined, but are nevertheless mandatory for the correct usage of the field. Rules specified in this section
affect only the field in which they appear.
• MARKET PRACTICE RULES specifies rules published by the Payments Market Practice Group (PMPG).
It informs the reader of the existence of a global market practice document on the business process in
which the concerned field is used. The absence of a market practice rule notation does not mean that no
market practices exist for the concerned field. The presence of a market practice rule is merely an indicator
of a known market practice. Furthermore, readers should be aware that in addition to global market
practices there may also be country specific requirements that should be considered when using the field.
For more details on PMPG market practice documentation, refer to www.pmpg.info.
MT Mapping
MT mapping provides an explanation of how to map the fields of the message into another SWIFT message,
either of the same or a different message type.
MT Examples
Examples are provided to illustrate the correct use of a message. Examples always include the following
information:
• Information Flow illustrates the relationships between the parties involved in the message. An
explanation of the flow diagram can be found in the Standards MT General Information.
• SWIFT Format provides the message using the defined SWIFT format, and providing an explanation,
where necessary, of the fields which have been used.
For each message type, there is a short description, an indicator whether the message type is signed (Y/N),
the maximum message length on input (2,000 or 10,000 characters), whether the use of the message requires
registration with SWIFT for use in a message user group (Y/N) and whether value date ordering (VDO) can be
requested for the message (Y/N). Value date ordering criteria are described in the Standards MT General
Information.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
(1) A Relationship Management Application (RMA) authorisation is required in order to sign a message.
(2) Special registration is needed for the MT 204 - see the FIN Service Description for details.
Note: A Message User Group (MUG), for the purposes of this book, is a group of users who have
voluntarily agreed to support the specified message type and have registered with SWIFT to send or
receive the specified message type. These messages are indicated in the preceding table in the
column MUG.
Registration is free of charge. To register to use one or more message types, submit a registration
request (Register to a Message User Group) through the forms available on www.swift.com >
Ordering > Order products and services.
To withdraw from a MUG, use the Deregister from a Message User Group request. These forms
are available at www.swift.com > Ordering > Terminate and deactivate.
To get the list of other members of a particular MUG, send an MT 999 to the Customer
Implementation team (SWHQBEBBCOS).
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Category 2 - Financial Institution Transfers for Standards MT November 2015
MT 200 Scope
This message type is sent by an account owner to one of its account servicing institutions.
It is used to request the movement of funds from an account that the Receiver services for the Sender to an
account that the Sender has, in the same currency, with another financial institution.
O 56a Intermediary A or D 4
M = Mandatory, O = Optional
• The Receiver and the account with institution are normally in the same country.
• In those cases where the account owner wishes to instruct its account servicing institution either to transfer
funds between two accounts serviced by the Receiver, or to debit its account with the Receiver and to
credit one of its several accounts at an account with institution, the MT 202 General Financial Institution
Transfer or the MT 203 Multiple Financial Institution Transfer must be used.
• In those cases where the sender wants the account servicing institution to do a book transfer the MT 202
General financial institution transfer or the MT 203 Multiple financial institution transfer must be used.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
16x
PRESENCE
Mandatory
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
PRESENCE
Mandatory
DEFINITION
This field specifies the value date, currency and amount to be transferred.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
PRESENCE
Optional
DEFINITION
USAGE RULES
In those cases where there are multiple direct account relationships, in the currency of the transaction,
between the Sender and the Receiver, and one of these accounts is to be used, the account to be debited
must be indicated in this field with the Party Identifier only.
When there is a single direct account relationship, in the currency of the transaction, between the Sender and
the Receiver, and this is the account to be used for reimbursement, field 53B must not be present.
PRESENCE
Optional
DEFINITION
This field identifies a party between the Receiver and the account with institution through which the transaction
must pass.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a and 57a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
Mandatory
DEFINITION
This field identifies the financial institution to which the funds (owned by the Sender and originally placed with
the Receiver) are to be transferred.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a and 57a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
PRESENCE
Optional
DEFINITION
This field specifies additional information for the Receiver or another party identified in the field.
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
MT 200 Examples
Example 1: Financial Institution Transfer for its Own Account with an
Account With Institution
Narrative
Value 25 May 2009 UBS, Zürich requests ABN Amro Bank, Amsterdam, to transfer euro 1,000,000 to its
account at ING Bank, Amsterdam.
Information Flow
Sender UBS
Zurich
MT
MT 200
(MT 910/950)
Receiver ABN Amro Bank
Amsterdam
(MT 205*)
SWIFT Message
Explanation Format
Sender UBSWCHZH80A
Receiver ABNANL2A
Message text
(1) The Sender's account at the account with institution is to be credited with the funds.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
Value 25 May 2009, Bank Austria, Vienna, requests Chase Manhattan Bank, New York, to transfer US Dollars
1,000,000 to its account at Citibank N.A., Miami, through Citibank N.A., New York.
Bank Austria requests Chase to debit account 34554-3049 for this transfer, using reference 39857579.
Information Flow
MT
MT 200
SWIFT Message
Explanation Format
Sender BKAUATWW
Receiver CHASUS33
Message text
Intermediary :56A:CITIUS33
(1) The Sender's account which is to be debited at Chase Manhattan Bank, New York.
(2) The Sender's account at the account with institution which is to be credited with the funds in the transfer.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
MT 201 Scope
This multiple message type is sent by an account owner to one of its account servicing institutions.
It is used to request the movement of funds from an account that the Receiver services for the Sender to
several accounts that the Sender has, in the same currency, with other financial institutions.
• The first sequence provides details of the transaction between the Sender and Receiver, that is, the value
date and total amount to be transferred, the Sender's correspondent and any other information about this
transaction, as necessary.
• The second sequence, which must appear at least twice and, in order to expedite processing, not more
than ten times. It provides details of each transaction between the Receiver and a financial institution to
which the funds will be transferred. Each sequence includes a TRN, the amount and currency code to be
transferred, the identification of the financial institution(s) to which the funds will be transferred and any
other information about the transaction, as necessary.
----->
O 56a Intermediary A or D 7
-----|
M = Mandatory, O = Optional
C2 The currency code in the amount field 32B must be the same for all occurrences of this field in the
message (Error code(s): C02).
C3 The repetitive sequence must appear at least twice, but not more than ten times (Error code(s):
T11,T10).
• In those cases where the sender wants the account servicing institution to do a book transfer the MT 202
General financial institution transfer or the MT 203 Multiple financial institution transfer must be used.
17d (Amount)
PRESENCE
Mandatory
DEFINITION
This field contains the sum of all amounts appearing in each occurrence of field 32B in the message.
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the currency specified in field 32B (Error code(s): C03,T40,T43).
6!n (Date)
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Category 2 - Financial Institution Transfers for Standards MT November 2015
PRESENCE
Mandatory
DEFINITION
This field specifies the value date for all transactions in the message.
PRESENCE
Optional
DEFINITION
USAGE RULES
This field should be used when the Receiver services more than one account for the Sender in the currency of
the transactions.
In those cases where there are multiple direct account relationships, in the currency of the transaction,
between the Sender and the Receiver, and one of these accounts is to be used, the account to be debited
must be indicated in this field with the Party Identifier only.
When there is a single direct account relationship, in the currency of the transaction, between the Sender and
the Receiver, and this is the account to be used for reimbursement, field 53B must not be present.
PRESENCE
Optional
DEFINITION
This field specifies additional information which applies to every transaction in the message.
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
24 July 2015 25
Category 2 - Financial Institution Transfers for Standards MT November 2015
16x
PRESENCE
Mandatory
DEFINITION
The Transaction Reference Number (TRN) specifies the reference assigned by the Sender to unambiguously
identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
PRESENCE
Mandatory
DEFINITION
This field specifies the currency and amount to be transferred in each individual transaction within the
message.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
PRESENCE
Optional
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 27
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a and 57a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
Mandatory
DEFINITION
This field specifies the financial institution to which the funds (owned by the Sender and originally placed with
the Receiver) are to be transferred.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 29
Category 2 - Financial Institution Transfers for Standards MT November 2015
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a and 57a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
Optional
DEFINITION
This field contains additional information which applies to the transaction specified.
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
24 July 2015 31
Category 2 - Financial Institution Transfers for Standards MT November 2015
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
MT 201 Examples
Narrative
Value 28 May 2009, UBS, Zürich requests ABN Amro Bank, Amsterdam, to transfer euro 61,000 to its
accounts at the following financial institutions:
Information Flow
Sender UBS
Zurich
MT
MT 201
Intermediary
56a
ING Bank
Amsterdam
Account
With
57a 57a 57a 57a 57a
Institution
ING Bank SNS Bank ABN Amro Crédit Deutsche
Amsterdam Nederland NV Bank Lyonnais Bank AG
D0020003
Amsterdam Rotterdam Paris Frankfurt
SWIFT Message
Explanation Format
Sender UBSWCHZH80A
Receiver ABNANL2A
Message text
24 July 2015 33
Category 2 - Financial Institution Transfers for Standards MT November 2015
Explanation Format
Intermediary :56A:INGBNL2A
MT 202 Scope
This message is sent by or on behalf of the ordering institution directly, or through correspondent(s), to the
financial institution of the beneficiary institution.
This message may also be sent to a financial institution servicing multiple accounts for the Sender to transfer
funds between these accounts. In addition it can be sent to a financial institution to debit an account of the
Sender serviced by the Receiver and to credit an account, owned by the Sender at an institution specified in
field 57a.
This message must not be used to order the movement of funds related to an underlying customer credit
transfer that was sent with the cover method. For these payments the MT 202 COV or MT 205 COV must be
used.
----->
-----|
O 56a Intermediary A or D 8
M = Mandatory, O = Optional
24 July 2015 35
Category 2 - Financial Institution Transfers for Standards MT November 2015
• The transfer of funds between the ordering institution and the beneficiary institution is always related to
another transaction. Field 21 must refer to this transaction.
• If the Sender wishes to instruct the Receiver to debit its account serviced by the Receiver and to credit one
of its several accounts at an institution specified in field 57a, field 58A must contain the number of the
account to be credited and the name of the Sender.
If the Sender wishes to instruct the Receiver that funds are to be moved between two accounts owned by
the Sender and serviced by the Receiver, field 53B must specify the number of the account to be debited
and field 58A the number of the account to be credited and the name of the Sender.
16x
PRESENCE
Mandatory
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
16x
PRESENCE
Mandatory
DEFINITION
CODES
If the Sender is not the originator of the transaction and no related reference is received, the code NONREF
must be used in this field.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
This field will contain a reference to the related transaction which is meaningful to the beneficiary institution,
for example, the common reference in an MT 300 Foreign Exchange Confirmation, field 21 of an MT 202
General Financial Institution Transfer, an MT 205 Financial Institution Transfer Execution or an MT 400 Advice
of Payment.
PRESENCE
Optional
DEFINITION
This repetitive field specifies one or several time indication(s) related to the processing of the payment
instruction.
CODES
One of the following codes may be used in Code, placed between slashes ('/'):
CLSTIME CLS Time The time by which the funding payment must be credited, with
confirmation, to the CLS Bank's account at the central bank,
expressed in Central European Time (CET).
RNCTIME Receive Time The time at which a TARGET2 payment was credited at the
receiving central bank, expressed in Central European Time
(CET).
SNDTIME Send Time The time at which a TARGET2 payment was debited at the
sending central bank, expressed in Central European Time
(CET).
CODES
One of the following codes must be used in Sign (Error code(s): T15):
Time indication must be a valid time expressed as HHMM (Error code(s): T38).
24 July 2015 37
Category 2 - Financial Institution Transfers for Standards MT November 2015
Time offset is expressed as 'HHMM', where the hour component, that is, 'HH', must be in the range of 00
through 13, and the minute component, that is, 'MM', must be in the range of 00 through 59. Any 'HH' or 'MM'
component outside of these range checks will be disallowed (Error code(s): T16).
USAGE RULES
The time zone in which Time is expressed is to be identified by means of the offset against the UTC
(Coordinated Universal Time - ISO 8601).
EXAMPLE
Assume a financial institution in London is sending a payment instruction on 5 January related to CLS in which
it indicates that money has to be funded to CLS bank by 09.15 CET.
Explanation:
• 0915 is the time by which the money has to be funded to CLS bank. It has been agreed that CLSTIME is to
be indicated in CET (see codes above).
• +0100 is the offset of CET against UTC in January (that is during winter time).
If the same instruction had been sent on 10 June (that is during summer time), time indication field would have
been completed as follows:
:13C:/CLSTIME/0915+0200
Offsets of local time zones against UTC are published in the BIC Directory download file (TZ***.txt file), which
is available on www.swiftrefdata.com.
PRESENCE
Mandatory
DEFINITION
This field specifies the value date, currency and amount to be transferred.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
PRESENCE
Optional
DEFINITION
This field specifies the ordering institution when other than the Sender of the message.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 39
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
When the Sender of an initial MT 202 is also the ordering institution, that is, this field is not used, that Sender
will be identified in this field in any subsequent messages as the ordering institution.
The coded information contained in field 52a must be meaningful to the Receiver of the message.
Option D should only be used when the ordering financial institution has no BIC.
PRESENCE
Optional
DEFINITION
This field specifies the account or branch of the Sender or another financial institution through which the
Sender will reimburse the Receiver.
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).
USAGE RULES
When the Sender instructs the Receiver to transfer funds between two accounts owned by the Sender and
serviced by the Receiver, this field must be used with option B to identify the account to be debited.
In those cases where there are multiple direct account relationships, in the currency of the transaction,
between the Sender and the Receiver, and one of these accounts is to be used for reimbursement, the
account to be credited or debited must be indicated in field 53a, using option B with the party identifier only.
If there is no direct account relationship, in the currency of the transaction, between the Sender and the
Receiver (or branch of the Receiver when specified in field 54a), then field 53a must be present.
When field 53a is present and contains a branch of the Sender, the need for a cover message is dependent on
the currency of the transaction, the relationship between the Sender and the Receiver and the contents of field
54a, if present.
A branch of the Receiver may appear in field 53a if the financial institution providing reimbursement is both the
Sender's correspondent and a branch of the Receiver, and the Sender intends to send a cover message to the
branch of the Receiver. In this case, the Receiver will be paid by its branch in field 53a.
In all other cases, when field 53a is present, a cover message, that is, MT 202/203 or equivalent non-SWIFT,
must be sent to the financial institution identified in field 53a.
When field 53B is used to specify a branch city name, it must always be a branch of the Sender.
The absence of fields 53a and 54a implies that the single direct account relationship between the Sender and
Receiver, in the currency of the transfer, will be used.
The use and interpretation of fields 53a and 54a is, in all cases, dictated by the currency of the transaction and
the correspondent relationship between the Sender and the Receiver relative to that currency.
24 July 2015 41
Category 2 - Financial Institution Transfers for Standards MT November 2015
PRESENCE
Optional
DEFINITION
This field specifies the branch of the Receiver or another financial institution at which the funds will be made
available to the Receiver.
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).
USAGE RULES
The absence of fields 53a and/or 54a implies that the single direct account relationship between the Sender
and Receiver, in the currency of the transfer, will be used.
In those cases where field 54a contains a branch of the Receiver, and is not preceded by field 53a, or field
53a contains an account of the Sender serviced by the Receiver's branch, the Receiver will claim
reimbursement from its branch.
If field 54a contains a branch of the Receiver and field 53a contains a branch of the Sender, the Receiver will
claim reimbursement from its branch or will be paid by its branch, depending on the currency of the transfer
and the relationship between the Sender and the Receiver.
In all other cases where field 54a contains a branch of the Receiver, the Receiver will be paid by its branch in
field 54a.
If the branch of the Sender or other financial institution specified in field 53a is also the account servicer for the
Receiver, field 54a must not be present.
Field 54a containing the name of a financial institution other than the Receiver's branch must be preceded by
field 53a; the Receiver will be paid by the financial institution in field 54a.
The use and interpretation of fields 53a and 54a is in all cases dictated by the currency of the transaction and
the correspondent relationship between the Sender and the Receiver relative to that currency.
PRESENCE
Optional
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 43
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field identifies the financial institution which will pay or credit the beneficiary institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 45
Category 2 - Financial Institution Transfers for Standards MT November 2015
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When field 57a is not present, it means that the Receiver is also the account with institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
Mandatory
DEFINITION
This field specifies the financial institution which has been designated by the ordering institution as the
ultimate recipient of the funds being transferred.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 47
Category 2 - Financial Institution Transfers for Standards MT November 2015
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When the Sender instructs the Receiver to either credit one of several accounts owned by the Sender at an
institution specified in field 57a, or transfer funds between two accounts owned by the Sender and serviced by
the Receiver, option A must be used to specify the account to be credited and the name of the Sender.
It is strongly recommended that when clearing payments take precedence over book transfer and book
transfer is requested, Party Identifier be used to specify the account of the beneficiary.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
24 July 2015 49
Category 2 - Financial Institution Transfers for Standards MT November 2015
PRESENCE
Optional
DEFINITION
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
TSU Trade Services The code placed between slashes ('/') must be followed by the
Utility transaction TSU transaction identifier, a slash ('/'), the invoice number, a
slash ('/') and the amount paid.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
The code INS may be repeated to specify all previously involved financial institutions in the transaction chain.
Instructing institutions should be indicated in the order in which they were involved in the transaction chain,
that is, the first occurrence specifies the financial institution that received the instruction from the ordering
institution and passed it on to the next institution in the transaction chain; the last occurrence always indicates
the institution that instructed the sender of this message to execute the transaction.
MT 202 Examples
Example 1: MT 202 with Time Indication
Narrative
On 5 January, a CLS settlement member (BANKGB2L) receives an instruction from CLS Bank to fund JPY
5,000,000 by 07.00 AM CET to CLS Bank.
BANKGB2L sends an MT 202 to their JPY nostro correspondent (BANKJPJT), indicating that the funds need
to be credited to CLS Bank by 07.00 AM CET.
24 July 2015 51
Category 2 - Financial Institution Transfers for Standards MT November 2015
Information Flow
MT300
MT300
BANKGB2L BANKUS33
Pay in
MT202 Schedule
CLS Bank
MT202
or local clearing
BANKJPJT equivalent Central Bank
of Japan
D0020021
SWIFT Message
In the MT 202 which BANKGB2L sends to its JPY correspondent BANKJPJT, it can indicate the time by which
BANKJPJT has to credit the funds to CLS bank as follows: :13C:/CLSTIME/0700+0100
whereby
• 0700 is the time by which the funds have to be credited to CLS Bank. By convention CLS time instructions
are quoted in CET.
Upon receipt of the MT 202, BANKJPJT can recalculate the CET time indication into its local time by
comparing the offset in 13C to its own offset against UTC. Japan is UTC +0900, therefore BANKJPJT knows it
has to process the instruction before 15.00 local time in Japan.
Offsets of local delta time zones against UTC are published in the BIC Directory download file (TZ***.txt file),
which is available on www.swiftrefdata.com.
The message contains a mandatory sequence to include information on an underlying customer credit transfer
and has a maximum message length of 10,000 characters.
IMPORTANT: To trigger the MT 202 COV format validation, the user header of the message (block 3)
is mandatory and must contain the code COV in the validation flag field 119
({3:{119:COV}}).
It must only be used to order the movement of funds related to an underlying customer credit transfer that was
sent with the cover method.
The MT 202 COV must not be used for any other interbank transfer. For these transfers the MT 202 must be
used.
• Sequence A General Information is a single occurrence sequence and contains information on the
financial institution transfer between the ordering institution and beneficiary institution.
• Sequence B Underlying Customer Credit Transfer Details is a single occurrence sequence and is used to
provide details on an individual underlying customer credit transfer that was sent with the cover method.
----->
-----|
O 56a Intermediary A or D 8
24 July 2015 53
Category 2 - Financial Institution Transfers for Standards MT November 2015
M = Mandatory, O = Optional
C2 If field 56a is present in sequence B, then field 57a must also be present in sequence B (Error code(s):
C68).
• The transfer of funds between the ordering institution and the beneficiary institution is always related to an
underlying customer credit transfer. Field 21 must refer to the underlying transaction.
• The MT 202 COV must not be used to convey customer credit transfer instructions; it is used to order the
movement of funds related to an underlying customer credit transfer that was sent with the cover method.
• Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, the reference from field
21 of the inward message must be passed on unchanged in field 21 of the onward message.
• The MT 202 COV must not be forwarded to the beneficiary financial institution for reporting purposes.
For more details, see the market practice document Guidelines for use of the MT 202 COV on
www.pmpg.info.
16x
PRESENCE
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
16x
PRESENCE
DEFINITION
CODES
If no related reference is available, the code NONREF must be used in this field.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
If the related message is an MT 103 Single Customer Credit Transfer, this field will contain field 20 Sender's
Reference of that MT 103.
If an incoming message is an MT 202 COV and results in an outgoing MT 202 COV, this field will contain field
21 Related Reference of the incoming message.
24 July 2015 55
Category 2 - Financial Institution Transfers for Standards MT November 2015
PRESENCE
DEFINITION
This repetitive field specifies one or several time indication(s) related to the processing of the payment
instruction.
CODES
One of the following codes may be used in Code, placed between slashes ('/'):
CLSTIME CLS Time The time by which the funding payment must be credited, with
confirmation, to the CLS Bank's account at the central bank,
expressed in Central European Time (CET).
RNCTIME Receive Time The time at which a TARGET2 payment was credited at the
receiving central bank, expressed in Central European Time
(CET).
SNDTIME Send Time The time at which a TARGET2 payment was debited at the
sending central bank, expressed in Central European Time
(CET).
CODES
One of the following codes must be used in Sign (Error code(s): T15):
Time indication must be a valid time expressed as HHMM (Error code(s): T38).
Time offset is expressed as 'HHMM', where the hour component, that is, 'HH', must be in the range of 00
through 13, and the minute component, that is, 'MM', must be in the range of 00 through 59. Any 'HH' or 'MM'
component outside of these range checks will be disallowed (Error code(s): T16).
USAGE RULES
The time zone in which Time is expressed is to be identified by means of the offset against the UTC
(Coordinated Universal Time - ISO 8601).
EXAMPLE
Assume a financial institution in London is sending a payment instruction on 5 January related to CLS in which
it indicates that money has to be funded to CLS bank by 09.15 CET.
Explanation:
• 0915 is the time by which the money has to be funded to CLS bank. It has been agreed that CLSTIME is to
be indicated in CET (see codes above).
• +0100 is the offset of CET against UTC in January (that is during winter time).
If the same instruction had been sent on 10 June (that is during summer time), time indication field would have
been completed as follows:
:13C:/CLSTIME/0915+0200
Offsets of local time zones against UTC are published in the BIC Directory download file (TZ***.txt file), which
is available on www.swiftrefdata.com.
PRESENCE
DEFINITION
This field specifies the value date, currency and amount to be transferred.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
PRESENCE
24 July 2015 57
Category 2 - Financial Institution Transfers for Standards MT November 2015
DEFINITION
This field specifies the ordering institution when other than the Sender of the message.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When the Sender of an initial MT 202 COV is also the ordering institution, that is, this field is not used, that
Sender will be identified in this field in any subsequent messages as the ordering institution.
The coded information contained in field 52a must be meaningful to the Receiver of the message.
Option D should only be used when the ordering financial institution has no BIC.
PRESENCE
24 July 2015 59
Category 2 - Financial Institution Transfers for Standards MT November 2015
DEFINITION
This field specifies the account or branch of the Sender or another financial institution through which the
Sender will reimburse the Receiver.
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).
USAGE RULES
When the Sender instructs the Receiver to transfer funds between two accounts owned by the Sender and
serviced by the Receiver, this field must be used with option B to identify the account to be debited.
In those cases where there are multiple direct account relationships, in the currency of the transaction,
between the Sender and the Receiver, and one of these accounts is to be used for reimbursement, the
account to be credited or debited must be indicated in field 53a, using option B with the party identifier only.
If there is no direct account relationship, in the currency of the transaction, between the Sender and the
Receiver (or branch of the Receiver when specified in field 54a), then field 53a must be present.
When field 53a is present and contains a branch of the Sender, the need for a cover message is dependent on
the currency of the transaction, the relationship between the Sender and the Receiver and the contents of field
54a, if present.
A branch of the Receiver may appear in field 53a if the financial institution providing reimbursement is both the
Sender's correspondent and a branch of the Receiver, and the Sender intends to send a cover message to the
branch of the Receiver. In this case, the Receiver will be paid by its branch in field 53a.
In all other cases, when field 53a is present, a cover message, that is, MT 202 COV or equivalent non-SWIFT,
must be sent to the financial institution identified in field 53a.
When field 53B is used to specify a branch city name, it must always be a branch of the Sender.
The absence of fields 53a and 54a implies that the single direct account relationship between the Sender and
Receiver, in the currency of the transfer, will be used.
The use and interpretation of fields 53a and 54a is, in all cases, dictated by the currency of the transaction and
the correspondent relationship between the Sender and the Receiver relative to that currency.
PRESENCE
DEFINITION
This field specifies the branch of the Receiver or another financial institution at which the funds will be made
available to the Receiver.
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).
USAGE RULES
The absence of fields 53a and/or 54a implies that the single direct account relationship between the Sender
and Receiver, in the currency of the transfer, will be used.
In those cases where field 54a contains a branch of the Receiver, and is not preceded by field 53a, or field
53a contains an account of the Sender serviced by the Receiver's branch, the Receiver will claim
reimbursement from its branch.
If field 54a contains a branch of the Receiver and field 53a contains a branch of the Sender, the Receiver will
claim reimbursement from its branch or will be paid by its branch, depending on the currency of the transfer
and the relationship between the Sender and the Receiver.
In all other cases where field 54a contains a branch of the Receiver, the Receiver will be paid by its branch in
field 54a.
If the branch of the Sender or other financial institution specified in field 53a is also the account servicer for the
Receiver, field 54a must not be present.
Field 54a containing the name of a financial institution other than the Receiver's branch must be preceded by
field 53a; the Receiver will be paid by the financial institution in field 54a.
The use and interpretation of fields 53a and 54a is in all cases dictated by the currency of the transaction and
the correspondent relationship between the Sender and the Receiver relative to that currency.
PRESENCE
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
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CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
24 July 2015 63
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PRESENCE
DEFINITION
This field identifies the financial institution which will pay or credit the beneficiary institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When field 57a is not present, it means that the Receiver is also the account with institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
24 July 2015 65
Category 2 - Financial Institution Transfers for Standards MT November 2015
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field specifies the financial institution which has been designated by the ordering institution as the
ultimate recipient of the funds being transferred.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
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Category 2 - Financial Institution Transfers for Standards MT November 2015
USAGE RULES
When the Sender instructs the Receiver to either credit one of several accounts owned by the Sender at an
institution specified in field 57a, or transfer funds between two accounts owned by the Sender and serviced by
the Receiver, option A must be used to specify the account to be credited and the name of the Sender.
It is strongly recommended that when clearing payments take precedence over book transfer and book
transfer is requested, Party Identifier be used to specify the account of the beneficiary.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
TSU Trade Services The code placed between slashes ('/') must be followed by the
Utility transaction TSU transaction identifier, a slash ('/'), the invoice number, a
slash ('/') and the amount paid.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
24 July 2015 69
Category 2 - Financial Institution Transfers for Standards MT November 2015
The code INS may be repeated to specify all previously involved financial institutions in the transaction chain.
Instructing institutions should be indicated in the order in which they were involved in the transaction chain,
that is, the first occurrence specifies the financial institution that received the instruction from the ordering
institution and passed it on to the next institution in the transaction chain; the last occurrence always indicates
the institution that instructed the sender of this message to execute the transaction.
In option F, the following line formats must be used (Error code(s): T54):
Or
PRESENCE
DEFINITION
CODES
In option F, when Party Identifier is used with the (Code)(Country Code)(Identifier) format, one of the following
codes must be used in Code (Error code(s): T55):
ARNU Alien Registration The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Alien Registration Number.
CCPT Passport Number The code followed by a slash, '/' must be followed by the ISO country
code, a slash, '/' and the Passport Number.
CUST Customer The code followed by a slash, '/' must be followed by the ISO country
Identification code of the issuer of the number, a slash, '/', the issuer of the number,
Number a slash, '/' and the Customer Identification Number.
DRLC Driver's Licence The code followed by a slash, '/' must be followed by the ISO country
Number code of the issuing authority, a slash, '/', the issuing authority, a slash,
'/' and the Driver's Licence Number.
EMPL Employer Number The code followed by a slash, '/' must be followed by the ISO country
code of the registration authority, a slash, '/', the registration authority,
a slash, '/' and the Employer Number.
NIDN National Identity The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the National Identity Number.
SOSE Social Security The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Social Security Number.
TXID Tax Identification The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Tax Identification Number.
CODES
In option F, Number must contain one of the following values (Error code(s): T56):
1 Name of the The number followed by a slash, '/' must be followed by the name of
Ordering Customer the ordering customer.
2 Address Line The number followed by a slash, '/' must be followed by an Address
Line (Address Line can be used to provide for example, street name
and number, or building name).
3 Country and Town The first occurrence of number 3 must be followed by a slash, '/', the
ISO country code, and optionally a slash '/' followed by additional
details.
Other occurrence(s) of number 3 must be followed by a slash '/' and
the continuation of additional details.
Additional details can contain town, which can be complemented by
postal code (for example zip) and country subdivision (for example
state, province, or county).
It is preferred that the country code and town indicate the country and
town of residence.
4 Date of Birth The number followed by a slash, '/' must be followed by the Date of
Birth in the YYYYMMDD format.
5 Place of Birth The number followed by a slash, '/' must be followed by the ISO
country code, a slash '/' and the Place of Birth.
6 Customer The number followed by a slash, '/' must be followed by the ISO
Identification country code, a slash, '/', the issuer of the number, a slash, '/' and the
Number Customer Identification Number.
7 National Identity The number followed by a slash, '/' must be followed by the ISO
Number country code, a slash, '/' and the National Identity Number.
24 July 2015 71
Category 2 - Financial Institution Transfers for Standards MT November 2015
8 Additional
Information The number followed by a slash, '/' is followed by information
completing one of the following:
In option F, subfield 1 (Party Identifier) used with the (Code)(Country Code)(Identifier) format: Country Code
must be a valid ISO country code (Error code(s): T73).
• The first line must start with number 1 (Error code(s): T56).
• The first occurrence of number 3 must be followed by a valid ISO country code (Error code(s): T73).
• Number 4 must not be used without number 5 and vice versa (Error code(s): T56).
• Number 4 must be followed by a valid date in the format YYYYMMDD and this date, local to the sender,
must not be later than the date on which the message is successfully sent to SWIFT (Error code(s): T50).
• Numbers 5, 6 and 7 must be followed by a valid ISO country code (Error code(s): T73), a slash '/' and
additional Details (Error code(s): T56).
• The use of number 8 is only allowed in the following instances (Error code(s): T56):
◦ to continue information on the Identifier of the ordering customer provided in subfield 1 (Party Identifier)
used with the (Code)(Country Code)(Identifier) format.
◦ to continue information on the Customer Identification Number provided in subfield 2 (Name and
Address) following number 6.
◦ to continue information on the National Identity Number provided in subfield 2 (Name and Address)
following number 7.
USAGE RULES
The field must contain the ordering customer of the underlying customer credit transfer that was sent with the
cover method.
Guidelines for the use of this field have been published by the Payments Market Practice Group (PMPG).
For more details, see the relevant market practice document on www.pmpg.info.
PRESENCE
DEFINITION
This field specifies the financial institution of the ordering customer, when different from the Sender, even if
field 50a contains an IBAN.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 73
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
If the Ordering Institution field was present in the underlying customer credit transfer message that was sent
with the cover method, then this field must carry that Ordering Institution.
PRESENCE
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option C, or D, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 75
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
If the Intermediary Institution field was present in the underlying customer credit transfer message that was
sent with the cover method, then this field must carry that Intermediary Institution.
PRESENCE
DEFINITION
This field specifies the financial institution which services the account for the beneficiary customer. This is
applicable even if field 59a contains an IBAN.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option C, or D, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 77
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
If the Account With Institution field was present in the underlying customer credit transfer message that was
sent with the cover method, then this field must carry that Account With Institution.
PRESENCE
DEFINITION
CODES
Account may contain one of the following codes, preceded by a double slash '//':
CODES
In option F, Number must contain one of the following values (Error code(s): T56):
1 Name of the The number followed by a slash, '/' must be followed by the name of
Beneficiary the beneficiary customer.
Customer
2 Address Line The number followed by a slash, '/' must be followed by an Address
Line (Address Line can be used to provide for example, street name
and number, building name or post office box number).
3 Country and Town The first occurrence of number 3 must be followed by a slash, '/', the
ISO country code, and optionally a slash '/' followed by additional
details.
Other occurrence(s) of number 3 must be followed by a slash '/' and
the continuation of additional details.
Additional details can contain Town, which can be complemented by
postal code (for example zip) and country subdivision (for example,
state, province, or county).
It is preferred that the country code and town indicate the country and
town of residence, as provided by the ordering customer.
• The first line must start with number 1 (Error code(s): T56).
• The first occurrence of number 3 must be followed by a valid ISO country code (Error code(s): T73).
USAGE RULES
The field must contain the beneficiary customer of the underlying customer credit transfer that was sent with
the cover method.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
4*35x (Narrative)
PRESENCE
DEFINITION
This field specifies either the details of the individual transaction or a reference to another message containing
the details which are to be transmitted to the beneficiary customer.
CODES
One of the following codes may be used, placed between slashes ('/'):
INV Invoice Invoice (followed by the date, reference and details of the invoice).
TSU Trade Services The code placed between slashes ('/') must be followed by the TSU
Utility transaction transaction identifier, a slash ('/'), the invoice number, a slash ('/') and
the amount paid.
USAGE RULES
If the Remittance Information field was present in the underlying customer credit transfer message that was
sent with the cover method, then this field must carry that Remittance Information.
PRESENCE
DEFINITION
This field specifies additional information for the Receiver or other party specified.
CODES
Unless bilaterally agreed otherwise between the Sender and the Receiver, one of the following codes must be
used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
INS Instructing The instructing institution which instructed the Sender or previous
institution institution in the transaction chain, to execute the transaction.
REC Receiver Instructions following are for the Receiver of the message.
USAGE RULES
If the Sender to Receiver Information field was present in the underlying customer credit transfer message that
was sent with the cover method, then this field must carry that Sender to Receiver Information.
PRESENCE
DEFINITION
This field specifies the currency and amount of the instruction. This amount is provided for information
purposes and has to be transported unchanged through the transaction chain.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
USAGE RULES
If the Currency/Instructed Amount field was present in the underlying customer credit transfer message that
was sent with the cover method, then this field must carry that Currency/Instructed Amount.
24 July 2015 81
Category 2 - Financial Institution Transfers for Standards MT November 2015
Value 27 May 2009, Mr. Big orders Bank A, Brussels to pay an invoice with number 1234 of USD 10,500.00 to
Mr. Small who has an account 987654321 with Bank B, London.
B. A message MT 202 COV with reference 090525/124COV for the USD payment to its USD correspondent
Bank C, New York for credit of Bank B, London on their account 123444555 at Bank D, New York.
Information Flow
Sender's Bank C
Correspondent Message A New York
MT
MT 202
COV or
MT 103 equivalent
Receiver's Bank D
Correspondent New York
Bank B
Receiver
London
MT 910/950
Customer London
Explanation Format
Sender AAAABEBB
Receiver BBBBGB22
Message text
Explanation Format
Message B Bank A
Sender MT Brussels
MT 202
COV Bank C
Receiver
New York
Message A
MT 202
MT COV or
equivalent
MT103
Account with Bank D
Institution New York
Beneficiary Bank B
Institution MT 910/950 London
D0020024
Explanation Format
Sender AAAABEBB
Receiver CCCCUS33
24 July 2015 83
Category 2 - Financial Institution Transfers for Standards MT November 2015
Explanation Format
(1) The related reference is the Sender's Reference of the MT 103 Customer Credit Transfer.
MT 203 Scope
This multiple message is sent by or on behalf of the ordering institution directly, or through correspondent(s),
to the financial institution(s) of several beneficiary institution(s). The message contains several transactions.
This message may also contain order(s) for the movement of the Sender's own funds in favour of itself. This is
the case when the Receiver services multiple accounts for the Sender and the funds are to be transferred
between these accounts. In addition, it can be sent to a financial institution to debit an account of the Sender
serviced by the Receiver and to credit an account owned by the Sender at an institution specified in field 57a.
• The first sequence provides details of the transaction between the Sender and Receiver, that is, the value
date and total amount to be transferred, as well as any other information about this transaction, as
necessary.
• The second sequence must appear at least twice and, in order to expedite processing, not more than ten
times. It provides details of each transaction between the Receiver and a financial institution to which the
funds will be transferred. Each sequence includes a TRN, the reference of the related transaction, the
amount and currency code to be transferred, the identification of the beneficiary institution and any other
institution(s) through which the funds will pass and any other information about the transaction, as
necessary.
----->
O 56a Intermediary A or D 10
24 July 2015 85
Category 2 - Financial Institution Transfers for Standards MT November 2015
-----|
M = Mandatory, O = Optional
C2 The currency code in the amount field 32B must be the same for all occurrences of this field in the
message (Error code(s): C02).
C3 The repetitive sequence must appear at least twice, but not more than ten times (Error code(s):
T11,T10).
C4 If field 56a is present in a transaction, then field 57a must also be present (Error code(s): C81).
• If the Sender wishes to instruct the Receiver to debit its account serviced by the Receiver and to credit one
of its several accounts at an institution specified in field 57a, field 58A in the related sequence must
contain the number of the account to be credited and the name of the Sender.
If the Sender wishes to instruct the Receiver that funds are to be moved between two accounts owned by
the Sender and serviced by the Receiver, field 53B must specify the number of the account to be debited
and field 58A, in the sequence relating to this order, must specify the number of the account to be credited
and the name of the Sender.
• Each transfer of funds between the ordering institution and a beneficiary institution is always related to
another transaction. Field 21 must refer to this transaction.
17d (Amount)
PRESENCE
Mandatory
DEFINITION
This field contains the sum of all amounts appearing in each occurrence of field 32B in the message.
The integer part of the Amount must contain at least one digit. A decimal comma is mandatory and is included
in the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the currency specified in field 32B (Error code(s): C03,T40,T43).
6!n (Date)
PRESENCE
Mandatory
DEFINITION
This field specifies the value date for all transactions in the message.
PRESENCE
Optional
DEFINITION
This field specifies the ordering institution when other than the Sender of the message.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 87
Category 2 - Financial Institution Transfers for Standards MT November 2015
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When the Sender of an initial MT 203 message is also the ordering institution that is, this field is not used, that
Sender will be identified in this field in any subsequent messages as the ordering institution.
The coded information contained in field 52a must be meaningful to the Receiver of the message.
Option D should only be used when the ordering financial institution has no BIC.
PRESENCE
Optional
DEFINITION
This field specifies the account or branch of the Sender or another financial institution through which the
Sender will reimburse the Receiver.
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).
USAGE RULES
When the Sender instructs the Receiver to transfer funds between two accounts owned by the Sender and
serviced by the Receiver, this field must be used with option B to identify the account to be debited.
The absence of fields 53a and/or 54a implies that the single direct account relationship between the Sender
and Receiver, in the currency of the transfer, will be used.
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Category 2 - Financial Institution Transfers for Standards MT November 2015
In those cases where there are multiple direct account relationships, in the currency of the transaction,
between the Sender and the Receiver, and one of these accounts is to be used for reimbursement, the
account to be credited or debited must be indicated in field 53a, using option B with the party identifier only.
If there is no direct account relationship, in the currency of the transaction, between the Sender and the
Receiver (or branch of the Receiver when specified in field 54a), then field 53a must be present.
When field 53a is present and contains a branch of the Sender, the need for a cover message is dependent on
the currency of the transaction, the relationship between the Sender and the Receiver and the contents of field
54a, if present.
A branch of the Receiver may appear in field 53a if the financial institution providing reimbursement is both the
Sender's Correspondent and a branch of the Receiver, and the Sender intends to send a cover message to
the branch of the Receiver. In this case, the Receiver will be paid by its branch in field 53a.
In all other cases, when field 53a is present, a cover message, that is, MT202/203 or equivalent non-SWIFT,
must be sent to the financial institution identified in field 53a.
When field 53B is used to specify a branch city name, it must always be a branch of the Sender.
The use and interpretation of fields 53a and 54a is, in all cases, dictated by the currency of the transaction and
the correspondent relationship between the Sender and Receiver relative to that currency.
PRESENCE
Optional
DEFINITION
This field specifies the branch of the Receiver or another financial institution at which the funds will be made
available to the Receiver.
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).
USAGE RULES
The absence of fields 53a and/or 54a implies that the single direct account relationship between the Sender
and Receiver, in the currency of the transfer, will be used.
In those cases where field 54a contains a branch of the Receiver, and is not preceded by field 53a, or field
53a contains an account of the Sender serviced by the Receiver's branch, the Receiver will claim
reimbursement from its branch.
If field 54a contains a branch of the Receiver and field 53a contains a branch of the Sender, the Receiver will
claim reimbursement from its branch or will be paid by its branch, depending on the currency of the transfer
and the relationship between the Sender and the Receiver.
In all other cases where field 54a contains a branch of the Receiver, the Receiver will be paid by its branch in
field 54a.
If the branch of the Sender or other financial institution specified in field 53a is also the account servicer for the
Receiver, field 54a must not be present.
Field 54a containing the name of a financial institution other than the Receiver's branch must be preceded by
field 53a; the Receiver will be paid by the financial institution in field 54a.
The use and interpretation of fields 53a and 54a is in all cases dictated by the currency of the transaction and
the correspondent relationship between the Sender and Receiver relative to that currency.
PRESENCE
Optional
DEFINITION
This field specifies additional information for the Receiver or another party identified in the field.
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
24 July 2015 91
Category 2 - Financial Institution Transfers for Standards MT November 2015
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
16x
PRESENCE
Mandatory
DEFINITION
The Transaction Reference Number (TRN) specifies the reference assigned by the Sender to unambiguously
identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
16x
PRESENCE
Mandatory
DEFINITION
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
If the related message is an MT 103 Single Customer Credit Transfer, this field will contain the field 20
Sender's Reference of that MT 103.
In all other cases, this field will contain a reference to the related transaction which is meaningful to the
beneficiary institution, for example, the common reference in an MT 300 Foreign Exchange Confirmation, field
21 of an MT 202 General Financial Institution Transfer or MT 400 Advice of Payment.
If the Sender is not the originator of the transaction and no related reference is received, the code NONREF
must be used in this field.
PRESENCE
Mandatory
24 July 2015 93
Category 2 - Financial Institution Transfers for Standards MT November 2015
DEFINITION
This field specifies the currency and amount to be transferred for the transaction in the sequence.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
PRESENCE
Optional
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
Identifier Code must be a registered financial institution BIC (Error code(s): T27,T28,T29,T45).
24 July 2015 95
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field specifies the financial institution which will pay or credit the beneficiary institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 97
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
When field 57a is not present, it means that the Receiver is also the account with institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
Mandatory
DEFINITION
This field specifies the financial institution which has been designated by the ordering institution as the
ultimate recipient of the funds being transferred.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
24 July 2015 99
Category 2 - Financial Institution Transfers for Standards MT November 2015
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).
USAGE RULES
When the Sender instructs the Receiver to either credit one of several accounts owned by the Sender at an
institution specified in field 57a, or transfer funds between two accounts owned by the Sender and serviced by
the Receiver, option A must be used in the related sequence to specify the account to be credited and the
name of the Sender.
It is strongly recommended that in those cases where clearing payments take precedence over book transfer
and book transfer is requested, the Party Identifier be used to specify the account number of the beneficiary
institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
Optional
DEFINITION
This field specifies additional information for the Receiver or other party specified. This information is relevant
to the specific transaction in the sequence.
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
TSU Trade Services The code placed between slashes ('/') must be followed by the
Utility transaction TSU transaction identifier, a slash ('/'), the invoice number, a
slash ('/') and the amount paid.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
The code INS may be repeated to specify all previously involved financial institutions in the transaction chain.
Instructing institutions should be indicated in the order in which they were involved in the transaction chain,
that is, the first occurrence specifies the financial institution that received the instruction from the ordering
institution and passed it on to the next institution in the transaction chain; the last occurrence always indicates
the institution that instructed the sender of this message to execute the transaction.
MT 203 Examples
Narrative
Value 28 May 2009, UBS, Zürich requests ABN Amro Bank, Amsterdam, to transfer euro 5,000,000 as
follows:
Information Flow
Sender UBS
Zurich
MT
MT 203
Account
With
57a 57a 57a
Institution
ING Bank SNS Bank Citibank
Amsterdam Nederland NV Amsterdam
Amsterdam
Beneficiary
Institution 58a 58a 58a 58a
SWIFT Message
Explanation Format
Sender UBSWCHZH80A
Receiver ABNANL2A
Message text
Explanation Format
MT 204 Scope
This message is sent by an exchange or clearing house, or another financial institution to a SWIFT member or
submember, to instruct the Receiver of the message to debit the account(s) of a third party specified in the
message and to pay or credit the corresponding amount in favour of the Sender of the message.
• Sequence A Common Elements - Reimbursement Details, is a single occurrence sequence and contains
default information which is valid for all individual transactions described in sequence B and the total
amount to be reimbursed.
• Sequence B Transaction Details, is a repetitive sequence. Each occurrence gives the details concerning
one debit.
M = Mandatory, O = Optional
C2 The currency code in the amount field 32B must be the same for all occurrences of this field in the
message (Error code(s): C02).
C3 The repetitive sequence must not appear more than ten times (Error code(s): T10).
16x
PRESENCE
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
This field is intended to ensure proper cross referencing of all related sequences, as well as to provide a
unique reference. This reference should normally be quoted in any related reimbursement payments, for
example, MT 202 General Financial Institution Transfer, MT 910 Confirmation of Credit and/or MT 950
Statement Message when reimbursement is by a single net amount.
17d (Amount)
PRESENCE
DEFINITION
This field specifies the sum of the amounts appearing in each occurrence of field 32B.
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the currency specified in field 32B (Error code(s): C03,T40,T43).
6!n (Date)
PRESENCE
DEFINITION
This field specifies the value date which the Receiver is requested to apply to all individual transactions in the
message. This value will, subject to bilateral agreement, determine the value date to be applied to the
reimbursement made by the Receiver in favour of the Sender of the message.
PRESENCE
DEFINITION
This field identifies the financial institution at which the Sender wishes to receive reimbursement from the
Receiver.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //RT, //IN or //CP is used, it should
appear only once and in the first of the fields 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances, that is, when the party cannot be identified by a
financial institution BIC and when there is a bilateral agreement between the Sender and the Receiver
permitting its use. Unless qualified by a clearing system code or an account number, the use of option D may
prevent the automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field identifies the beneficiary institution, which is always the Sender.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //RT, //IN or //CP is used, it should
appear only once and in the first of the fields 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances, that is, when the party cannot be identified by a
financial institution BIC and when there is a bilateral agreement between the Sender and the Receiver
permitting its use. Unless qualified by a clearing system code or an account number, the use of option D may
prevent the automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field specifies additional information for the Receiver or another party identified in the field.
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
16x
PRESENCE
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the specific transaction.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
This reference should normally be quoted in any related reimbursement payments, for example, MT 202
General Financial Institution Transfer, MT 910 Confirmation of Credit and/or MT 950 Statement Message
when reimbursement is by individual amount(s), sent to the Sender.
16x
PRESENCE
DEFINITION
This field contains a reference attributed by the debit institution to the related transaction.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
This reference would normally be quoted in any related MT 900 Confirmation of Debit or MT 950 Statement
Message, sent to the debit institution.
PRESENCE
DEFINITION
This field specifies the currency and the amount to be debited to the debit institution identified in field 53a of
the same sequence.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
PRESENCE
DEFINITION
This field specifies the financial institution which is to be debited with the transaction amount.
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).
USAGE RULES
Optional Party Identifier may be used to specify the account number to be debited.
Option D must only be used in exceptional circumstances, that is, when the debit institution cannot be
identified by a financial institution BIC, and when there is a bilateral agreement between the Sender and
Receiver permitting its use. Unless qualified by an account number, the use of option D may prevent the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field specifies additional information for the Receiver or another party specified. This information is
relevant to the specific transaction in the sequence.
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
MT 204 Examples
Example 1: The Exchange and the Member have a Common
Correspondent Bank
Narrative
The Chicago Mercantile sends an MT 204 to Northern Trust with the instruction to debit the account of Merrill
Lynch and to credit its account 1234-ABC, with value date 21 September 2009.
Information Flow
MT
Merril Lynch
New York 53a
MT 204
(MT 900
Confirmation
of Debit)
Receiver Northern Trust
Chicago
D0020007
SWIFT Message, MT 204
Explanation Format
Sender XCMEUS4C
Receiver CNORUS44
Message text
The common correspondent bank sends confirmations of credit and debit to the exchange (MT 910) and
exchange member (MT 900) as shown below:
Explanation Format
Sender CNORUS44
Explanation Format
Receiver XCMEUS4C
Message text
Explanation Format
Sender CNORUS44
Receiver MLNYUS33
Message text
Example 2: The Exchange does not want to use the account relationship
with the common correspondent and wants the funds to be transferred
to another institution
Narrative
The Chicago Mercantile Exchange asks its member Merrill Lynch International Bank, New York to put up a
margin of 50,000 USD.
The Northern Trust Company is the settlement bank of Merrill Lynch at the Chicago Mercantile Exchange.
The Chicago Mercantile sends an MT 204 to Northern Trust with the instruction to debit the account of Merrill
Lynch and to credit its account serviced by First National Bank of Chicago in Chicago with a value date 21
September 2009.
Information Flow
MT
Merril Lynch First Chicago
New York Chicago
53a MT 204 57a
D0020008
SWIFT Message, MT 204
Explanation Format
Sender XCMEUS4C
Receiver CNORUS44
Message text
MT 205 Scope
This message is sent by the Receiver of a category 2 message that is, MT 200, 201, 202, 203 or 205, or
equivalent (for example ISO 20022 Financial Institution Credit Transfer), directly, or through correspondent(s),
to the financial institution of the beneficiary institution.
It is used to further transmit a funds transfer instruction where Sender and Receiver are located in the same
country.
If the funds transfer instruction is related to an underlying customer credit transfer that was sent with the cover
method, then the MT 205 must not be used.
----->
-----|
O 56a Intermediary A or D 7
M = Mandatory, O = Optional
16x
PRESENCE
Mandatory
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
16x
PRESENCE
Mandatory
DEFINITION
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
If the previous message is an MT 202, 203 or 205, this field contains the field 21 Related Reference of that
message.
If the previous message is an MT 200 or 201, this field contains the field 20 Transaction Reference Number of
that message.
PRESENCE
Optional
DEFINITION
This repetitive field specifies one or several time indication(s) related to the processing of the payment
instruction.
CODES
One of the following codes may be used in Code, placed between slashes ('/'):
CLSTIME CLS Time The time by which the funding payment must be credited, with
confirmation, to the CLS Bank's account at the central bank,
expressed in Central European Time (CET).
RNCTIME Receive Time The time at which a TARGET2 payment was credited at the
receiving central bank, expressed in Central European Time
(CET).
SNDTIME Send Time The time at which a TARGET2 payment was debited at the
sending central bank, expressed in Central European Time
(CET).
CODES
One of the following codes must be used in Sign (Error code(s): T15):
Time indication must be a valid time expressed as HHMM (Error code(s): T38).
Time offset is expressed as 'HHMM', where the hour component, that is, 'HH', must be in the range of 00
through 13, and the minute component, that is, 'MM', must be in the range of 00 through 59. Any 'HH' or 'MM'
component outside of these range checks will be disallowed (Error code(s): T16).
USAGE RULES
The time zone in which Time is expressed is to be identified by means of the offset against the UTC
(Coordinated Universal Time - ISO 8601).
EXAMPLE
Assume a financial institution in London is sending a payment instruction on 5 January related to CLS in which
it indicates that money has to be funded to CLS bank by 09.15 CET.
Explanation:
• 0915 is the time by which the money has to be funded to CLS bank. It has been agreed that CLSTIME is to
be indicated in CET (see codes above).
• +0100 is the offset of CET against UTC in January (that is during winter time).
If the same instruction had been sent on 10 June (that is during summer time), time indication field would have
been completed as follows: :13C:/CLSTIME/0915+0200
Offsets of local time zones against UTC are published in the BIC Directory download file (TZ***.txt file), which
is available on www.swiftrefdata.com.
PRESENCE
Mandatory
DEFINITION
This field specifies the value date, currency and amount to be transferred.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
PRESENCE
Mandatory
DEFINITION
This field identifies the ordering institution from the initial message.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
If there was no ordering institution specified in the initial message, the Sender of that message will be the
ordering institution in this message.
The coded information contained in field 52a must be meaningful to the Receiver of the message.
Option D should only be used when the ordering financial institution has no BIC.
PRESENCE
Optional
DEFINITION
This field specifies the account or branch of the Sender or another financial institution through which the
Sender will reimburse the Receiver.
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).
USAGE RULES
In those cases where there are multiple direct account relationships, in the currency of the transaction,
between the Sender and the Receiver, and one of these accounts is to be used for reimbursement, the
account to be credited or debited must be indicated in field 53a, using option B with the account number line
only.
If there is no direct account relationship, in the currency of the transaction, between the Sender and the
Receiver, then field 53a must be present.
A branch of the Receiver may appear in field 53a if the financial institution providing reimbursement is both the
Sender's Correspondent and a branch of the Receiver, and the Sender intends to send a cover message to
the branch of the Receiver. In this case, the Receiver will be paid by its branch in field 53a.
When there is a single direct account relationship, in the currency of the transaction, between the Sender and
the Receiver, and this is the account to be used for reimbursement, field 53a must not be present.
When field 53B is used to specify a branch city name, it must always be a branch of the Sender.
The use and interpretation of field 53a is, in all cases, dictated by the currency of the transaction and the
correspondent relationship between the Sender and Receiver relative to that currency.
PRESENCE
Optional
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field specifies the financial institution which is to pay or credit the beneficiary institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When field 57a is not present, it means that the Receiver is also the account with institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
Mandatory
DEFINITION
This field specifies the ultimate recipient of the funds being transferred.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
If the initial transfer message is an MT 200 or 201, this field will be identical to the contents of field 52a in this
message.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
Optional
DEFINITION
This field specifies additional information for the Receiver or another party identified in the field.
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
TSU Trade Services The code placed between slashes ('/') must be followed by the
Utility transaction TSU transaction identifier, a slash ('/'), the invoice number, a
slash ('/') and the amount paid.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
The code INS may be repeated to specify all previously involved financial institutions in the transaction chain.
Instructing institutions should be indicated in the order in which they were involved in the transaction chain,
that is, the first occurrence specifies the financial institution that received the instruction from the ordering
institution and passed it on to the next institution in the transaction chain; the last occurrence always indicates
the institution that instructed the sender of this message to execute the transaction.
MT 205 Examples
Narrative
Deutsche Bank, Frankfurt, receives the following MT 202 General Financial Institution Transfer from UBS,
Zürich.
Explanation Format
Sender UBSWCHZH80A
Receiver DEUTDEFF
Explanation Format
Message Text
Information Flow
(MT 202)
MT
MT 205
As a result of this message, Deutsche Bank, Frankfurt, sends an MT 205 to Deutsche Bank, Hamburg:
SWIFT Message
Explanation Format
Sender DEUTDEFF
Receiver DEUTDEHH
Message Text
Explanation Format
(1) Related reference of the transaction which resulted in this message, that is, field 21 of the MT 202.
(2) As there was no ordering institution in the MT 202 which resulted in this message, the Sender of the MT 202
will become the ordering institution.
The message contains a mandatory sequence to include information on an underlying customer credit transfer
and has a maximum message length of 10,000 characters.
IMPORTANT: To trigger the MT 205 COV format validation, the user header of the message (block 3)
is mandatory and must contain the code COV in the validation flag field 119
({3:{119:COV}}).
It is only used to further transmit a funds transfer instruction related to an underlying customer credit transfer
that was sent with the cover method, where Sender and Receiver are located in the same country.
The MT 205 COV must not be used for any other interbank transfer.
• Sequence A General Information is a single occurrence sequence and contains information on the
financial institution transfer between the ordering institution and beneficiary institution.
• Sequence B Underlying Customer Credit Transfer Details is a single occurrence sequence and is used to
provide details on an individual underlying customer credit transfer that was sent with the cover method.
----->
-----|
O 56a Intermediary A or D 7
M = Mandatory, O = Optional
C2 If field 56a is present in sequence B, then field 57a must also be present in sequence B (Error code(s):
C68).
• The transfer of funds between the ordering institution and the beneficiary institution is always related to an
underlying customer credit transfer. Field 21 must refer to the underlying transaction.
• The MT 205 COV must not be used to convey customer credit transfer instructions; it is used to order the
movement of funds related to an underlying customer credit transfer that was sent with the cover method.
• Where an inward MT 202 COV or MT 205 COV results in an onward MT 205 COV, the reference from field
21 of the inward message must be passed on unchanged in field 21 of the onward message.
• The MT 205 COV must not be forwarded to the beneficiary financial institution for reporting purposes.
For more details, see the relevant market practice document on www.pmpg.info.
16x
PRESENCE
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
16x
PRESENCE
DEFINITION
CODES
If no related reference is available, the code NONREF must be used in this field.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
If the related message is an MT 103 Single Customer Credit Transfer, this field will contain field 20 Sender's
Reference of that MT 103.
If an incoming message is an MT 202 COV or an MT 205 COV and results in an outgoing MT 205 COV, this
field will contain field 21 Related Reference of the incoming message.
PRESENCE
DEFINITION
This repetitive field specifies one or several time indication(s) related to the processing of the payment
instruction.
CODES
One of the following codes may be used in Code, placed between slashes ('/'):
CLSTIME CLS Time The time by which the funding payment must be credited, with
confirmation, to the CLS Bank's account at the central bank,
expressed in Central European Time (CET).
RNCTIME Receive Time The time at which a TARGET2 payment was credited at the
receiving central bank, expressed in Central European Time
(CET).
SNDTIME Send Time The time at which a TARGET2 payment was debited at the
sending central bank, expressed in Central European Time
(CET).
CODES
One of the following codes must be used in Sign (Error code(s): T15):
Time indication must be a valid time expressed as HHMM (Error code(s): T38).
Time offset is expressed as 'HHMM', where the hour component, that is, 'HH', must be in the range of 00
through 13, and the minute component, that is, 'MM', must be in the range of 00 through 59. Any 'HH' or 'MM'
component outside of these range checks will be disallowed (Error code(s): T16).
USAGE RULES
The time zone in which Time is expressed is to be identified by means of the offset against the UTC
(Coordinated Universal Time - ISO 8601).
EXAMPLE
Assume a financial institution in London is sending a payment instruction on 5 January related to CLS in which
it indicates that money has to be funded to CLS bank by 09.15 CET.
Explanation:
• 0915 is the time by which the money has to be funded to CLS bank. It has been agreed that CLSTIME is to
be indicated in CET (see codes above).
• +0100 is the offset of CET against UTC in January (that is during winter time).
If the same instruction had been sent on 10 June (that is during summer time), time indication field would have
been completed as follows:
:13C:/CLSTIME/0915+0200
Offsets of local time zones against UTC are published in the BIC Directory download file (TZ***.txt file), which
is available on www.swiftrefdata.com.
PRESENCE
DEFINITION
This field specifies the value date, currency and amount to be transferred.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
PRESENCE
DEFINITION
This field specifies the ordering institution when other than the Sender of the message.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
If there was no ordering institution specified in the initial message, the Sender of that message will be the
ordering institution in this message.
The coded information contained in field 52a must be meaningful to the Receiver of the message.
Option D should only be used when the ordering financial institution has no BIC.
PRESENCE
DEFINITION
This field specifies the account or branch of the Sender or another financial institution through which the
Sender will reimburse the Receiver.
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).
USAGE RULES
In those cases where there are multiple direct account relationships, in the currency of the transaction,
between the Sender and the Receiver, and one of these accounts is to be used for reimbursement, the
account to be credited or debited must be indicated in field 53a, using option B with the account number line
only.
If there is no direct account relationship, in the currency of the transaction, between the Sender and the
Receiver, then field 53a must be present.
A branch of the Receiver may appear in field 53a if the financial institution providing reimbursement is both the
Sender's Correspondent and a branch of the Receiver, and the Sender intends to send a cover message to
the branch of the Receiver. In this case, the Receiver will be paid by its branch in field 53a.
When there is a single direct account relationship, in the currency of the transaction, between the Sender and
the Receiver, and this is the account to be used for reimbursement, field 53a must not be present.
When field 53B is used to specify a branch city name, it must always be a branch of the Sender.
The use and interpretation of field 53a is, in all cases, dictated by the currency of the transaction and the
correspondent relationship between the Sender and Receiver relative to that currency.
PRESENCE
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field identifies the financial institution which will pay or credit the beneficiary institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When field 57a is not present, it means that the Receiver is also the account with institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field specifies the financial institution which has been designated by the ordering institution as the
ultimate recipient of the funds being transferred.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP, //IN or //RT is used, it should
appear only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
When it is necessary that an incoming SWIFT payment be made to the party in this field via real-time gross
settlement (RTGS), the code //RT should appear in the optional Party Identifier.
The code //RT is binding for the Receiver. If it is used with option A, it must not be followed by any other
information. If it is used with option D, it may be followed by another domestic clearing code.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
CODES
One or more of the following codes may be used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
REC Receiver Instructions following are for the Receiver of the message.
TELE Telecommunication Please advise the account with institution by the most efficient
means of telecommunication.
TELEIBK Telecommunication Please advise the intermediary by the most efficient means of
telecommunication.
TSU Trade Services The code placed between slashes ('/') must be followed by the
Utility transaction TSU transaction identifier, a slash ('/'), the invoice number, a
slash ('/') and the amount paid.
If the first six characters in line 1 contain the character string /REJT/ or /RETN/, then it is mandatory to follow
the Payments Reject/Return Guidelines described in the Standards MT Usage Guidelines (Error code(s):
T80).
USAGE RULES
Field 72 must never be used for information for which another field is intended.
Each item of information contained in this field must be preceded by a code which specifically indicates the
party for which it is intended.
Codes must be placed between slashes and at the beginning of a line. Additional explanatory information,
which may be continued on the next lines, is preceded by a double slash '//'.
Narrative text that is not qualified by a code, must start with a double slash '//' on a new line, and, should
preferably be the last information in this field.
It is strongly recommended to use the standard codes. However, where bilateral agreements covering the use
of codes in this field are in effect, the code must conform to the structure of this field.
Use of field 72, particularly with uncoded instructions, may cause delay, because in automated systems, the
presence of this field will normally require manual intervention.
This field may contain ERI to transport dual currencies, as specified in the chapter entitled "Euro-Related
Information (ERI)" in the Standards MT General Information.
In order to comply with the EC-directive on cross border credit transfers, the optional code word EXCH may be
used to transport an exchange rate. In line with ERI, the code word EXCH is placed between slashes, followed
by the exchange rate, format 12d, and terminated with another slash.
The code INS may be repeated to specify all previously involved financial institutions in the transaction chain.
Instructing institutions should be indicated in the order in which they were involved in the transaction chain,
that is, the first occurrence specifies the financial institution that received the instruction from the ordering
institution and passed it on to the next institution in the transaction chain; the last occurrence always indicates
the institution that instructed the sender of this message to execute the transaction.
In option F, the following line formats must be used (Error code(s): T54):
Or
PRESENCE
DEFINITION
CODES
In option F, when Party Identifier is used with the (Code)(Country Code)(Identifier) format, one of the following
codes must be used in Code (Error code(s): T55):
ARNU Alien Registration The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Alien Registration Number.
CCPT Passport Number The code followed by a slash, '/' must be followed by the ISO country
code, a slash, '/' and the Passport Number.
CUST Customer The code followed by a slash, '/' must be followed by the ISO country
Identification code of the issuer of the number, a slash, '/', the issuer of the number,
Number a slash, '/' and the Customer Identification Number.
DRLC Driver's Licence The code followed by a slash, '/' must be followed by the ISO country
Number code of the issuing authority, a slash, '/', the issuing authority, a slash,
'/' and the Driver's Licence Number.
EMPL Employer Number The code followed by a slash, '/' must be followed by the ISO country
code of the registration authority, a slash, '/', the registration authority,
a slash, '/' and the Employer Number.
NIDN National Identity The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the National Identity Number.
SOSE Social Security The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Social Security Number.
TXID Tax Identification The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Tax Identification Number.
CODES
In option F, Number must contain one of the following values (Error code(s): T56):
1 Name of the The number followed by a slash, '/' must be followed by the name of
Ordering Customer the ordering customer.
2 Address Line The number followed by a slash, '/' must be followed by an Address
Line (Address Line can be used to provide for example, street name
and number, or building name).
3 Country and Town The first occurrence of number 3 must be followed by a slash, '/', the
ISO country code, and optionally a slash '/' followed by additional
details.
Other occurrence(s) of number 3 must be followed by a slash '/' and
the continuation of additional details.
Additional details can contain town, which can be complemented by
postal code (for example zip) and country subdivision (for example
state, province, or county).
It is preferred that the country code and town indicate the country and
town of residence.
4 Date of Birth The number followed by a slash, '/' must be followed by the Date of
Birth in the YYYYMMDD format.
5 Place of Birth The number followed by a slash, '/' must be followed by the ISO
country code, a slash '/' and the Place of Birth.
6 Customer The number followed by a slash, '/' must be followed by the ISO
Identification country code, a slash, '/', the issuer of the number, a slash, '/' and the
Number Customer Identification Number.
7 National Identity The number followed by a slash, '/' must be followed by the ISO
Number country code, a slash, '/' and the National Identity Number.
8 Additional
Information The number followed by a slash, '/' is followed by information
completing one of the following:
In option F, subfield 1 (Party Identifier) used with the (Code)(Country Code)(Identifier) format: Country Code
must be a valid ISO country code (Error code(s): T73).
• The first line must start with number 1 (Error code(s): T56).
• The first occurrence of number 3 must be followed by a valid ISO country code (Error code(s): T73).
• Number 4 must not be used without number 5 and vice versa (Error code(s): T56).
• Number 4 must be followed by a valid date in the format YYYYMMDD and this date, local to the sender,
must not be later than the date on which the message is successfully sent to SWIFT (Error code(s): T50).
• Numbers 5, 6 and 7 must be followed by a valid ISO country code (Error code(s): T73), a slash '/' and
additional Details (Error code(s): T56).
• The use of number 8 is only allowed in the following instances (Error code(s): T56):
◦ to continue information on the Identifier of the ordering customer provided in subfield 1 (Party Identifier)
used with the (Code)(Country Code)(Identifier) format.
◦ to continue information on the Customer Identification Number provided in subfield 2 (Name and
Address) following number 6.
◦ to continue information on the National Identity Number provided in subfield 2 (Name and Address)
following number 7.
USAGE RULES
The field must contain the ordering customer of the underlying customer credit transfer that was sent with the
cover method.
PRESENCE
DEFINITION
This field specifies the financial institution of the ordering customer, when different from the Sender, even if
field 50a contains an IBAN.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
If an Ordering Institution field was present in the underlying customer credit transfer that was sent with the
cover method, then this field must carry that Ordering Institution.
PRESENCE
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option C, or D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
If an Intermediary Institution field was present in the underlying customer credit transfer that was sent with the
cover method, then this field must carry that Intermediary Institution.
PRESENCE
DEFINITION
This field specifies the financial institution which services the account for the beneficiary customer. This is
applicable even if field 59a contains an IBAN.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option C, or D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
If an Account With Institution field was present in the underlying customer credit transfer that was sent with the
cover method, then this field must carry that Account With Institution.
PRESENCE
DEFINITION
CODES
Account may contain one of the following codes, preceded by a double slash '//':
CODES
In option F, Number must contain one of the following values (Error code(s): T56):
1 Name of the The number followed by a slash, '/' must be followed by the name of
Beneficiary the beneficiary customer.
Customer
2 Address Line The number followed by a slash, '/' must be followed by an Address
Line (Address Line can be used to provide for example, street name
and number, building name or post office box number).
3 Country and Town The first occurrence of number 3 must be followed by a slash, '/', the
ISO country code, and optionally a slash '/' followed by additional
details.
Other occurrence(s) of number 3 must be followed by a slash '/' and
the continuation of additional details.
Additional details can contain Town, which can be complemented by
postal code (for example zip) and country subdivision (for example,
state, province, or county).
It is preferred that the country code and town indicate the country and
town of residence, as provided by the ordering customer.
• The first line must start with number 1 (Error code(s): T56).
• The first occurrence of number 3 must be followed by a valid ISO country code (Error code(s): T73).
USAGE RULES
The field must contain the beneficiary customer of the underlying customer credit transfer that was sent with
the cover method.
4*35x (Narrative)
PRESENCE
DEFINITION
This field specifies either the details of the individual transaction or a reference to another message containing
the details which are to be transmitted to the beneficiary customer.
CODES
One of the following codes may be used, placed between slashes ('/'):
INV Invoice Invoice (followed by the date, reference and details of the invoice).
TSU Trade Services The code placed between slashes ('/') must be followed by the TSU
Utility transaction transaction identifier, a slash ('/'), the invoice number, a slash ('/') and
the amount paid.
USAGE RULES
If a Remittance Information field was present in the underlying customer credit transfer that was sent with the
cover method, then this field must carry that Remittance Information.
PRESENCE
DEFINITION
This field specifies additional information for the Receiver or other party specified.
CODES
Unless bilaterally agreed otherwise between the Sender and the Receiver, one of the following codes must be
used in Code, placed between slashes ('/'):
ACC Account with Instructions following are for the account with institution.
institution
INS Instructing The instructing institution which instructed the Sender or previous
institution institution in the transaction chain, to execute the transaction.
REC Receiver Instructions following are for the Receiver of the message.
USAGE RULES
If a Sender to Receiver Information field was present in the underlying customer credit transfer that was sent
with the cover method, then this field must carry that Sender to Receiver Information.
PRESENCE
DEFINITION
This field specifies the currency and amount of the instruction. This amount is provided for information
purposes and has to be transported unchanged through the transaction chain.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
USAGE RULES
If a Currency/Instructed Amount field was present in the underlying customer credit transfer that was sent with
the cover method, then this field must carry that Currency/Instructed Amount.
Value 27 May 2009, Mr. Big orders Bank A, Brussels to pay an invoice with number 1234 of USD 10,500.00 to
Mr. Small who has an account 987654321 with Bank B, London.
B. A message MT 202 COV with reference 090525/124COV for the USD payment to its USD correspondent
Bank C, New York for credit of Bank B, Brussels on their account 123444555 at Bank D, New York.
Information Flow
Message A
Message C
MT
MT
MT 103 MT 205
COV
Receiver's Bank D
Correspondent New York
Bank B
Receiver London
MT 910/950
D0020026
Customer London
Explanation Format
Sender AAAABEBB
Receiver BBBBGB22
Message text
Explanation Format
Message A
Message C
MT
MT
MT 103 MT 205
COV
Receiver's Bank D
Correspondent New York
Bank B
Receiver London
MT 910/950
D0020026
Customer London
Explanation Format
Sender AAAABEBB
Receiver CCCCUS33
Explanation Format
(1) The related reference is the Sender's Reference of the MT 103 Customer Credit Transfer.
Information Flow
Message A
Message C
MT
MT
MT 103 MT 205
COV
Receiver's Bank D
Correspondent New York
Bank B
Receiver London
MT 910/950
Customer London
Explanation Format
Sender CCCCUS33
Receiver DDDDUS33
Explanation Format
(1) The related reference is the related reference of the MT 202 COV.
MT 207 Scope
This message is used to move funds from the ordering financial institution's account, serviced at the receiving
financial institution or at the account servicing institution, or from an account(s) owned by the ordering
institution for which the initiating institution has explicit authority to debit, for example, a subsidiary account.
The message is sent by a financial institution on behalf of the ordering financial institution, that is, the account
owning financial institution, or on behalf of the initiating financial institution. It is subsequently received by a
financial institution and processed by this receiving financial institution or another account servicing financial
institution.
The complete chain of parties and the transaction flow is illustrated by the following figure:
Initiating Ordering
Institution Institution
51A 52G
Request
Sender
Funds
MT
MT 207
Funds
Receiver Account Servicing
52a Institution
Funds
Intermediary
56a
Funds
Account
With Institution 57a
Funds
Beneficiary
Institution
D0020020
58a
The parties mentioned in the chain are not necessarily different entities. The first column of the table below
shows the parties that can be omitted in an MT 207. The second column specifies the party which assumes
the role of the party in the first column, when it is not present:
• Sequence A General Information is a single occurrence mandatory sequence and contains information to
be applied to all individual transactions detailed in sequence B.
• Sequence B Transaction Details is a repetitive sequence; each occurrence provides details of one
individual transaction.
----->
-----|
O 56a Intermediary A or D 12
M = Mandatory, O = Optional
Present Mandatory
• In case field 23E identifies with a code a sweeping (CMSW), topping (CMTO) or zero balancing (CMZB)
operation, the transaction amount in field 32B can equal zero.
• In case field 28D indicates that messages are chained, all messages belonging to the same chain must
have exactly the same sender's reference in field 20.
• In case field 28D indicates that messages are chained, sequence A must be repeated and be identical for
all messages belonging to the same chain.
16x
PRESENCE
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
The reference must be unique for each message (or chain of messages) and is part of the message
identification and transaction identification which is to be used in related queries, cancellations, etc.
Option R 16x
PRESENCE
DEFINITION
This field specifies the reference to the entire message assigned by either the:
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
When this field is present, the ordering institution requests a single debit entry for the sum of the amounts of
all transactions in the instruction, even if this instruction is chained in several messages. If the field is not
used, all debit items are posted individually.
PRESENCE
DEFINITION
This field chains different messages by specifying the sequence number in the total number of messages.
USAGE RULES
Both the message index and the total number of messages allow the receiver to check that all transactions to
be executed have been received.
6!n (Date)
PRESENCE
DEFINITION
This field specifies the date on which all subsequent transactions should be initiated by the executing bank.
USAGE RULES
PRESENCE
DEFINITION
This field identifies the institution which is authorised by the ordering institution/account servicing institution to
order all the transactions in the message.
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).
USAGE RULES
This field must only be used when the initiating institution is not also the ordering institution.
PRESENCE
DEFINITION
This field identifies the account owning financial institution whose account is to be debited with all transactions
in sequence(s) B.
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).
USAGE RULES
Account contains the account number of the ordering institution at the Receiver or at the account servicing
institution.
PRESENCE
DEFINITION
This field specifies the account servicing institution - when other than the Receiver - which services the
account of the ordering institution to be debited.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option C, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
The coded information contained in field 52a should be meaningful to the Receiver of the message.
If the account servicing institution cannot be identified by a financial institution BIC, option C should be used
containing a 2!a clearing system code preceded by a double slash '//'.
PRESENCE
DEFINITION
This field specifies additional information for the Receiver, that is, Sender of the original message regarding
the reason for a return, that is, reversal, rejection or revocal.
CODES
The following codes must be used in this field in the first position of the first line ( Code), placed between
slashes ('/') (Error code(s): D82).
It is mandatory to follow the Payments Reject/Return Guidelines described in the Standards MT Usage
Guidelines (Error code(s): T80).
USAGE RULES
The Reject/Return mechanism is used to reject or return all the transactions within the MT 207 message. For
returns or rejections of a single transaction within the MT 207 (that is, sequence B), the MT 295 should be
used as per the Standards MT Usage Guidelines.
16x
PRESENCE
DEFINITION
This field specifies the unambiguous reference for the individual transaction contained in a particular
occurrence of sequence B.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
USAGE RULES
In transaction specific queries, cancellations, etc., the Sender's reference together with the content of this field
provides the transaction identification.
PRESENCE
DEFINITION
This field specifies instructions for the subsequent parties in the transaction chain.
CODES
Instruction Code must contain one of the following codes (Error code(s): T47):
CMSW Sweep the account This transaction contains a cash management instruction, requesting
to sweep the account of the ordering institution.
CMTO Top the account This transaction contains a cash management instruction, requesting
to top the account of the ordering institution above a certain floor
amount. The floor amount, if not pre-agreed by the parties involved,
may be specified after the code.
CMZB Zero balance the This transaction contains a cash management instruction, requesting
account to zero balance the account of the ordering institution.
CORT Corporate trade Payment is made in settlement of a trade, for example, foreign
exchange deal, securities transaction.
NETS Net Settlement This transaction contains a payment that should be settled via a net
System settlement system, if available.
OTHR Other Used for bilaterally agreed codes/information. The actual bilateral
code/information needs to be specified in Additional Information.
RTGS RTGS payment This transaction contains a payment that should be settled via a real
time gross settlement system, if available.
URGP Urgent Payment This transaction contains a time-sensitive payment which should be
executed in an expeditious manner.
Additional Information is only allowed when Instruction Code consists of one of the following codes: CMTO,
PHON or OTHR (Error code(s): D66).
In each occurrence of sequence B: when this field is used more than once, the following combinations are not
allowed (Error code(s): D67).
In each occurrence of sequence B: when this field is repeated, the same code word must not be present more
than once with the exception of OTHR. The code word OTHR may be repeated (Error code(s): E46).
USAGE RULES
To facilitate the receiving bank's processing when multiple codes are used, the codes must appear in the
following order:
• instructions for the receiver of the message (CMSW, CMTO, CMZB, CORT, URGP)
• codes impacting the routing or composition of the resulting payment message (NETS, RTGS)
• codes containing instructions for one of the following parties in the transaction chain (PHON)
PRESENCE
DEFINITION
This field specifies the currency and amount of the subsequent transfer to be executed by the Receiver.
Currency must be the same for all occurrences of this field (Error code(s): C02).
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
PRESENCE
DEFINITION
This field specifies the financial institution through which the transaction must pass to reach the account with
institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
The intermediary may be a branch or affiliate of the Receiver or the account with institution, or an entirely
different financial institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP or //IN is used, it should appear
only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier of field 56a, 57a or 58a.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field specifies the financial institution - when other than the Receiver - which services the account for the
beneficiary institution.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option C, or D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When field 57a is not present, it means that the Receiver is also the account with institution.
When one of the codes //FW (with or without the 9-digit number), //AU, //CP or //IN is used, it should appear
only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier of field 56a, 57a or 58a.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
PRESENCE
DEFINITION
This field specifies the beneficiary financial institution of the subsequent operation from the particular
occurrence of sequence B.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When one of the codes //FW (with or without the 9-digit number), //AU, //CP or //IN is used, it should appear
only once and in the first of the fields 56a, 57a and 58a of the payment instruction.
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier of field 56a, 57a or 58a.
Party Identifier may contain the beneficiary financial institution's account number.
If the message is used to request the transfer of funds between the ordering financial institution's accounts,
this field must contain the BIC of this institution.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
MT 207 Examples
Narrative
The Canadian Imperial Bank of Commerce, Canada (CIBCCATT) owns a euro account (account number
123456) at Deutsche Bank, Frankfurt (DEUTDEFF).
The Canadian Imperial Bank of Commerce is a customer of Deutsche Bank, Toronto (DEUTCATT) and
instructs this bank via a proprietary link to ask Deutsche Bank, Frankfurt to make a euro payment to Banco
Bilbao Vizcaya Argentaria, Madrid, via an RTGS system, using CIBCCATT's EUR account at DEUTDEFF.
Information Flow
Instruction
CIBCCATT DEUTCATT
MT 207
TARGET
system
DEUTDEFF BBVAESMM
D0020022
SWIFT Message
Explanation Format
Sender DEUTCATT
Receiver DEUTDEFF
MT 210 Scope
This message type is:
• sent by a party authorised by the account owner to one of its account servicing institutions.
It is an advance notice to the account servicing institution that it will receive funds to be credited to the
Sender's account.
For use of messages in the corporate to bank environment, see the MT message implementation guide for
corporate customers available on www.swift.com.
----->
O 56a Intermediary A or D 8
-----|
M = Mandatory, O = Optional
C2 Either field 50a or field 52a, but not both, must be present in a repetitive sequence (Error code(s):
C06).
C3 The currency code must be the same for all occurrences of field 32B in the message (Error code(s):
C02).
16x
PRESENCE
Mandatory
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the instruction.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
EXAMPLE
:20:oref1000
35x (Account)
PRESENCE
Optional
DEFINITION
This field identifies the account to be credited with the incoming funds.
USAGE RULES
This field is used when the Receiver services more than one account for the Sender.
6!n (Date)
PRESENCE
Mandatory
DEFINITION
This field contains the value date of all incoming funds specified in this message.
16x
PRESENCE
Mandatory
DEFINITION
This field contains the content of field 20 Transaction Reference Number, or other reference, for example,
Common Reference, of the related transaction.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
EXAMPLE
:21:ref1234
PRESENCE
Mandatory
DEFINITION
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
The codes XAU, XAG, XPD and XPT are not allowed, as these are codes for commodities for which the
category 6 commodities messages must be used (Error code(s): C08).
In option F, the following line formats must be used: (Error code(s): T54)
Or
PRESENCE
DEFINITION
This field specifies the ordering party when it is not a financial institution.
CODES
In option F, when Party Identifier is used with the (Code)(Country Code)(Identifier) format, one of the following
codes must be used in Code (Error code(s): T55):
ARNU Alien Registration The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Alien Registration Number.
CCPT Passport Number The code followed by a slash, '/' must be followed by the ISO country
code, a slash, '/' and the Passport Number.
CUST Customer The code followed by a slash, '/' must be followed by the ISO country
Identification code of the issuer of the number, a slash, '/', the issuer of the number,
Number a slash, '/' and the Customer Identification Number.
DRLC Driver's Licence The code followed by a slash, '/' must be followed by the ISO country
Number code of the issuing authority, a slash, '/', the issuing authority, a slash,
'/' and the Driver's Licence Number.
EMPL Employer Number The code followed by a slash, '/' must be followed by the ISO country
code of the registration authority, a slash, '/', the registration authority,
a slash, '/' and the Employer Number.
NIDN National Identity The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the National Identity Number.
SOSE Social Security The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Social Security Number.
TXID Tax Identification The code followed by a slash, '/' must be followed by the ISO country
Number code, a slash, '/' and the Tax Identification Number.
CODES
In option F, Number must contain one of the following values (Error code(s): T56):
1 Name of the The number followed by a slash, '/' must be followed by the name of
Ordering Customer the ordering customer.
2 Address Line The number followed by a slash, '/' must be followed by an Address
Line (Address Line can be used to provide for example, street name
and number, or building name).
3 Country and Town The first occurrence of number 3 must be followed by a slash, '/', the
ISO country code, and optionally a slash '/' followed by additional
details.
Other occurrence(s) of number 3 must be followed by a slash '/' and
the continuation of additional details.
Additional details can contain town, which can be complemented by
postal code (for example zip) and country subdivision (for example
state, province, or county).
It is preferred that the country code and town indicate the country and
town of residence.
4 Date of Birth The number followed by a slash, '/' must be followed by the Date of
Birth in the YYYYMMDD format.
5 Place of Birth The number followed by a slash, '/' must be followed by the ISO
country code, a slash '/' and the Place of Birth.
6 Customer The number followed by a slash, '/' must be followed by the ISO
Identification country code of the issuer of the number, a slash, '/', the issuer of the
Number number, a slash, '/' and the Customer Identification Number.
7 National Identity The number followed by a slash, '/' must be followed by the ISO
Number country code, a slash, '/' and the National Identity Number.
8 Additional
Information The number followed by a slash, '/' is followed by information
completing one of the following:
In option F, subfield 1 (Party Identifier) used with the (Code)(Country Code)(Identifier) format: Country Code
must be a valid ISO country code (Error code(s): T73).
• The first line must start with number 1 (Error code(s): T56).
• Number 4 must not be used without number 5 and vice versa (Error code(s): T56).
• Number 4 must be followed by a valid date in the format YYYYMMDD and this date, local to the sender,
must not be later than the date on which the message is successfully sent to SWIFT (Error code(s): T50).
• Numbers 5, 6 and 7 must be followed by a valid ISO country code (Error code(s): T73), a slash '/' and
additional Details (Error code(s): T56).
• The first occurrence of number 3 must be followed by a valid ISO country code (Error code(s): T73).
• The use of number 8 is only allowed in the following instances (Error code(s): T56):
◦ to continue information on the Identifier of the ordering customer provided in subfield 1 (Party Identifier)
used with the (Code)(Country Code)(Identifier) format.
◦ to continue information on the Customer Identification Number provided in subfield 2 (Name and
Address) following number 6.
◦ to continue information on the National Identity Number provided in subfield 2 (Name and Address)
following number 7.
USAGE RULES
If the account number of the ordering customer is known, it must be stated in Account.
In option F, subfield 2 (Name and Address): if number 2 is present, the first occurrence of number 3 must
include the town in additional details.
In option F, subfield 1 (Party Identifier) used with the (Code)(Country Code)(Identifier) format: if additional
space is required for providing the Identifier of the ordering customer, one of the following options must be
used:
1. First option (preferred): Identify the ordering customer with a different identifier where the length is not an
issue.
2. Second option: Continue the information in subfield 2 (Name and Address) using number 8.
In option F, subfield 2 (Name and Address): if additional space is required for providing the Customer
Identification Number (number 6) or the National Identity Number (number 7) of the ordering customer, one of
the following options must be used:
1. First option (preferred): Identify the ordering customer with a different identifier where the length is not an
issue.
2. Second option: Continue the information in subfield 2 (Name and Address) using number 8.
EXAMPLE
Option F - Example 1
:50F:/12345678
1/SMITH JOHN
2/299, PARK AVENUE
3/US/NEW YORK, NY 10017
Option F - Example 2
:50F:/BE30001216371411
1/PHILIPS MARK
4/19720830
5/BE/BRUSSELS
Option F - Example 3
:50F:DRLC/BE/BRUSSELS/NB0949042
1/DUPONT JACQUES
2/HIGH STREET 6, APT 6C
3/BE/BRUSSELS
Option F - Example 4
:50F:NIDN/DE/121231234342
1/MANN GEORG
6/DE/ABC BANK/1234578293
Option F - Example 5
:50F:CUST/DE/ABC BANK/123456789/8-123456
1/MANN GEORG
2/LOW STREET 7
3/DE/FRANKFURT
8/7890
This means that the customer identification number of Mann Georg assigned by ABC Bank is
123456789/8-1234567890.
PRESENCE
DEFINITION
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
When the Sender is also the ordering institution, it will be repeated in this field.
The coded information contained in field 52a must be meaningful to the Receiver of the message.
Option D should only be used when the ordering financial institution has no BIC.
PRESENCE
Optional
DEFINITION
This field specifies the financial institution from which the Receiver is to receive the funds.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
This field is used when the intermediary institution is other than the ordering party.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
MT 210 Examples
Narrative
Value 22 February 2010, Berliner Bank, Berlin, as a result of a foreign exchange deal (Common Reference -
BEBEBB0023CRESZZ) with Credit Suisse, Zurich, is expecting US Dollars 230,000 to be credited to its
account at Chase Manhattan Bank, New York.
Information Flow
(MT 300)
Ordering Institution Crédit Suisse
(MT 300) 52a Zurich
MT
Intermediary Citibank
56a New York
MT 210
(MT 205*)
D0020013
* Or its equivalent domestic clearing message
Explanation Format
Sender BEBEDEBB
Receiver CHASUS33
Message text
(1) Field 21 of the incoming funds transfer. In this case, the reference contained in field 21 is a common
reference from the related foreign exchange transaction. It will also appear in field 21 of the related funds
transfer instruction.
(2) The financial institution from which the funds will be received.
MT 256 Scope
This message is sent by the Receiver of one or more cheque truncation messages. It is used to inform the
Sender of (a) previously sent cheque truncation message(s) of the non-payment of specified truncated
cheques.
This message may only be used to specify dishonoured items that result in reversing a previous payment
settlement.
• Sequence A Common Elements is a non-repetitive sequence and contains information applicable to all
individual cheques detailed in sequence B.
• Sequence B Cheque Details is a repetitive sequence where each occurrence provides details of an
individual cheque.
M = Mandatory, O = Optional
Present Mandatory
C2 The amount specified in field 71L in sequence C must be equal to the sum of all occurrences of field
71F in sequence B (Error code(s): E26).
C3 The amount specified in field 71J in sequence C must be equal to the sum of all occurrences of field
71G in sequence B (Error code(s): E27).
C4 The currency code in the amount fields (71F, 71G, 71H, 71J, 71K, 71L, 32A) must be the same for all
occurrences of these fields in the message (Error code(s): C02).
C5 If the amount in field 32A of sequence C is equal to the sum of the amounts in the fields 32J of
sequence B, then field 19 must not be present; otherwise (that is the amount in field 32A of sequence
C is not equal to the sum of the amounts in fields 32J of sequence B), field 19 must be present (Error
code(s): D80).
C6 If charges are included, field 19 must be present. It must contain the sum of amounts of all fields 32J in
sequence B (Error code(s): C01).
C7 Field 21 must be present either in sequence A, or in all occurrences of sequence B (Error code(s):
E28).
C8 If field 71F is present in any occurrence of sequence B, then field 71L must be present in sequence C.
Otherwise, field 71L is not allowed (Error code(s): E29).
C9 If field 71G is present in any occurrence of sequence B, then field 71J must be present in sequence C.
Otherwise, field 71J is not allowed (Error code(s): E30).
C10 If field 71H is present in any occurrence of sequence B, then field 71K must be present in sequence C.
Otherwise, field 71K is not allowed (Error code(s): E31).
C11 The amount specified in field 71K in sequence C must be equal to the sum of all occurrences of field
71H in sequence B (Error code(s): E32).
• This message must not be used to specify reasons that at a later stage could lead to a non-payment, for
example, a request for a photocopy to check the signature. For this, an MT 295 Queries must be used, for
which special codes are provided.
• When the Sender does not have authority to debit the Receiver's account, the Receiver of the MT 256
must credit the account according to the specified value date.
• Field 30 may only be used if the original value date differs from the value date provided in this field.
Absence of field 30 implies that the value date in field 32A is taken from the original cheque truncation
message.
16x
PRESENCE
DEFINITION
This field specifies the reference assigned by the Sender to unambiguously identify the instruction.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
EXAMPLE
:20:oref1000
16x
PRESENCE
DEFINITION
This field contains the Sender's reference of the previously received cheque truncation message.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
EXAMPLE
:21:ref1234
Option A 65x
PRESENCE
DEFINITION
This field contains the transaction reference number of the previously received cheque truncation message,
generated by the beneficiary's financial institution, which identifies the transaction that this dishonoured
cheque represents.
EXAMPLE
:44A:abc12354
16x
PRESENCE
DEFINITION
This field contains the Sender's reference of the previously received cheque truncation message in case this
MT 256 is informing of the non-payment of cheques in the same currency that were included in different
MTs 256.
This field must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s):
T26).
EXAMPLE
:21:ref1234
Option D 35x
PRESENCE
DEFINITION
This field contains the number of the cheque that has been dishonoured, normally inserted on the cheque by
the issuer's financial institution.
USAGE RULES
This field must be the same as the cheque number specified in the original cheque truncation message.
EXAMPLE
:21D:9987434
Option E 35x
PRESENCE
DEFINITION
This field contains the reference of the cheque, as generated by the beneficiary's financial institution.
USAGE RULES
This reference is usually the archive reference (microfilm) and is as such used as a link to the physical item.
This field must be quoted if it is present in the original cheque truncation message.
EXAMPLE
:21E:888014612
PRESENCE
DEFINITION
CODES
Code must contain one of the following codes (Error code(s): T47):
AMAM Amount exceeds Amount exceeds the amount limit allowed for this account.
limit
AMTL Amount exceeds Amount exceeds the truncation limit as defined in the bilateral
limit agreement (min. or max. amount).
OTHR Other Other followed by a bilaterally agreed code to specify a reason which
is not covered by the above.
STLD Stale Stale cheque, that is, deposited too late relative to the issue date.
Narrative may only be used in combination with the code OTHR (Error code(s): D81).
USAGE RULES
The code OTHR may only be used when bilaterally agreed. When used, Narrative must also be present.
EXAMPLE
:23E:INSI
PRESENCE
DEFINITION
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the currency specified in field 32A (Error code(s): C03,T40,T43).
USAGE RULES
This field must be the same as the cheque amount specified in the original cheque truncation message.
EXAMPLE
:32J:100000,
PRESENCE
DEFINITION
This field specifies the interest rate to be collected from the Sender of the cheque truncation message.
The integer part of Rate must contain at least one digit. A decimal comma is mandatory and is included in the
maximum length (Error code(s): T40,T43).
PRESENCE
DEFINITION
This field specifies the currency and the interest charges due to the Sender of the MT 256.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
USAGE RULES
These interest charges are computed at a prevailing interest rate (field 37J) from the original value date (field
30) up to the date when recovery of funds is expected to take place (field 32A).
EXAMPLE
:71G:USD3,
PRESENCE
DEFINITION
This field specifies the currency and the charges due to the Sender of the MT 256, if different from the issuer's
financial institution, for the above specified reason.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
EXAMPLE
:71F:USD3,
PRESENCE
DEFINITION
This field specifies the currency and the charges due to the issuer's financial institution, for the above
specified reason.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
EXAMPLE
:71H:USD8,
13. Field 32A: Value Date, Currency Code and Total Amount Claimed
FORMAT
PRESENCE
DEFINITION
This field specifies the date when the recovery of funds is expected to take place, followed by the currency
and the total amount to be claimed.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
EXAMPLE
:32A:961201USD1350,
6!n (Date)
PRESENCE
DEFINITION
This field specifies the value date that appeared on the related cheque truncation message.
USAGE RULES
As this message is sent after provisional credit has been given to the beneficiary, any consequential interests
can also be taken into account, by specifying that date. In this case, that is, when back-valuing is applied, no
separate fields must be used to indicate the interest charges.
EXAMPLE
:30:980108
17d (Amount)
PRESENCE
DEFINITION
This field specifies the sum of all occurrences of field 32J in sequence B.
The integer part of the Amount must contain at least one digit. A decimal comma is mandatory and is included
in the maximum length. The number of decimal digits in field 19 must not exceed the maximum for its
corresponding currency in field 32A in sequence C (Error code(s): C03,T40,T43).
EXAMPLE
:19:1350,
PRESENCE
DEFINITION
This field specifies the currency and the sum of all occurrences of field 71G in sequence B.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
EXAMPLE
:71J:USD50,
PRESENCE
DEFINITION
This field specifies the currency and the sum of all occurrences of field 71F in sequence B.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
EXAMPLE
:71L:USD234,
PRESENCE
DEFINITION
This field specifies the currency and the sum of all occurrences of field 71H in sequence B.
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in
the maximum length. The number of digits following the comma must not exceed the maximum number
allowed for the specified currency (Error code(s): C03,T40,T43).
EXAMPLE
:71K:USD343,
PRESENCE
DEFINITION
This field identifies the account with institution at which the Sender wants to have the funds (re)credited.
CODES
In option A, Party Identifier may be used to indicate a national clearing system code.
CODES
In option C, or D, Party Identifier may be used to indicate a national clearing system code.
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).
USAGE RULES
This field may only be used where the settlement does not follow the same route as the MT 256 (this
message).
When it is necessary that an incoming SWIFT payment be made to the party in this field via Fedwire, US
banks require that the code //FW appears in the optional Party Identifier.
Option D must only be used in exceptional circumstances: when the party cannot be identified by a financial
institution BIC, when there is a need to be able to specify a name and address, for example, due to regulatory
considerations or when there is a bilateral agreement between the Sender and the Receiver permitting its use.
When qualified by a clearing system code or an account number, the use of option D will enable the
automated processing of the instruction(s) by the Receiver.
EXAMPLE
:57A:MIDLGB2L
PRESENCE
DEFINITION
This field specifies the account number of the financial institution which is the ultimate recipient of the funds
being (re)transferred (that is the receiver of the cheque truncation message).
USAGE RULES
• there are multiple direct account relationships in the currency of the transaction between the Sender and
account with institution
EXAMPLE
:58B:/123-45678
MT 256 Examples
Narrative
On 10 December 2009, Thomas Cook, London informs Standard Bank of South Africa, Johannesburg that the
following travellers cheques are dishonoured in the cheque truncation message it received from Standard
Bank of South Africa (message reference 091201123456AA).
Since Thomas Cook, London has already reimbursed Standard Bank of South Africa, it wants to have the
funds recredited to its account held at Midland Bank, London (account number 123456), back-valuing the
amount with the value date used on the original cheque truncation message (original value date 091207).
Information Flow
MT
Cheque
truncation MT 256 (MT 205*)
message
Natwest
London
D0020014
Johannesburg
* Or its equivalent domestic clearing message
Explanation Format
Sender COOKGB22
Receiver SBZAZAJJ
Message Text
Explanation Format
MT 256 Checklist
It is strongly recommended that the following checklist be used by financial institutions as a basis for setting
up bilateral or multilateral agreements for processing truncated cheques.
It is recommended that all items listed be covered in the bilateral or multilateral agreements. In order to further
facilitate the setting up of these agreements, common procedures have been defined which financial
institutions may choose to override.
The checklist is not intended to provide an exhaustive list of items nor does SWIFT claim any responsibility for
it. Topics may include:
• Set out the procedure to follow when there is a discrepancy between the code line and another field, for
example, the amount
• Unless otherwise agreed, cheque truncation messages are expressed in either the currency of the sending
or the receiving country. If financial institutions wish to accept third currencies this should be bilaterally
agreed.
• Specify data or fields in the cheque truncation message and the MT 256 that are mandatory for legal
purposes and processing requirements
• An existing cash letter agreement could be extended to cater for cheque truncation as well. This may
simplify the new agreement.
Responsibility
• Endorsement issue - Agree on procedures to follow, for example, normally the beneficiary's financial
institution must endorse that the party that cashes the cheque is the legitimate beneficial party
• Back of cheque - Since it is very difficult to automatically truncate this information, the truncation
agreement should make it the truncating party's responsibility to ensure that the truncated cheques contain
all legally required endorsements.
• Define the responsible parties at each stage of the whole process, for example, whether or not the
beneficiary's financial institution can determine stale dated cheques. Also the agreement should establish
the party responsible for verifying certain parts, for example, Code Line, of the truncated cheque.
• The capture and verification of the Code Line are key elements to the success of check truncation.
Therefore, establish ways of avoiding bad code lines such as:
◦ using a specific control key to help manual keying when the code line is unreadable
◦ avoiding double truncation of a cheque through automatic checking at the point of capture.
Paper cheque
• Specify which party must safekeep the original
• Agree whether or not the cheque (or a copy) must be sent to the drawee bank and if so when
• Agree the route the paper cheque must follow, if any (where it differs from the truncation route).
Charges
• Define the types of charges, per type of cheque, the currency and the amount
• Unless otherwise agreed, charges will always be expressed in the same currency as the transaction
amount(s) and settlement amount of the message.
Settlement
• Where there is a direct account relationship between the sender and receiver of the cheque truncation
message, the cheque truncation message can be used as a financial message to request to credit the
account of the Sender automatically.
• Whatever the agreement, transactions contained in a message will always be booked as a single entry.
Administration
• Define the contact address, for example, postal address, department, telephone number, fax number, to be
used in the event of questions.
Messages received before the cut-off time, will receive final settlement on a pre-agreed day which is a
(number of) day(s) following the day of receipt (day of receipt = D).
For messages received after cut-off time, the final settlement time frame will be based on D+1.
D is the basis for calculating the value date, that is, date when the funds are available to the Beneficiary.
• Determine the period in which items may be returned/dishonoured, and how such items should be
conveyed, for example, CD-ROM, diskette, Internet, mail.
Remittance Information
• Agree whether any, and if so which, information should be conveyed in field 72 through the use of
bilaterally agreed codes.
MT 295 Queries
See Category n - Common Group Messages, Chapter n95 Queries for details concerning this message type.
MT 296 Answers
See Category n - Common Group Messages, Chapter n96 Answers for details concerning this message type.
Glossary of Terms
In addition to the definitions which appear in Standards General Information, Glossary of Terms, the following
terms apply to category 2 message types:
Bankleitzahl An eight digit numeric code used to identify banks in Germany. It may only
be assigned, changed or cancelled by Deutsche Bundesbank, in Germany.
CHIPS (Clearing House A private telecommunications payment service operated by the New York
Interbank Payments System) Clearing House Association for banks in the New York area, which
handles US dollar payments only.
CHIPS Participant A bank authorised to send and receive payments on the CHIPS system.
CHIPS Participant ID (ABA A unique number identifying a CHIPS participant. The first four digits are
Number) the participant's number, followed by a one digit group identifier. For
SWIFT purposes, only the first four digits of the CHIPS Participant ID will
be used.
CHIPS Settling Participant A CHIPS Participant responsible for the settlement of its own CHIPS net
debit or credit position at the end of the CHIPS business day.
CHIPS Universal Identifier A unique six digit number assigned by CHIPS to identify an account.
Federal Funds US dollars on deposit at a Federal Reserve Bank in the United States.
Fedwire Routing Number A nine digit numeric code used to identify banks in the United States.
Funds Transfer Complete movement of funds between the originator and the beneficiary.
A funds transfer may consist of one or more funds transfer transactions.
Funds Transfer Transaction The movement of funds directly between two parties, involving no
intermediaries other than a payment or communications service.
Immediate Funds Same day funds in which the settlement is simultaneous with execution of
the transaction.
Originator's Institution Identifies the financial institution which is acting for the originator of the
transfer.
Same Day Funds The funds available for transfer today, or for withdrawal in cash, subject to
the settlement of the transaction through the payment mechanism used.
Legal Notices
Copyright
Disclaimer
The information in this publication may change from time to time. You must always refer to the latest available version.
SWIFT Standards Intellectual Property Rights (IPR) Policy - End-User License Agreement
SWIFT Standards are licensed subject to the terms and conditions of the SWIFT Standards IPR Policy - End-User License
Agreement available at www.swift.com > About SWIFT > Legal > SWIFT Standards IPR Policy.
Translations
The English version of SWIFT documentation is the only official and binding version.
Trademarks
SWIFT is the trade name of S.W.I.F.T. SCRL. The following are registered trademarks of SWIFT: the SWIFT logo, SWIFT,
SWIFTNet, Accord, Sibos, 3SKey, Innotribe, the Standards Forum logo, MyStandards, and SWIFT Institute. Other product,
service, or company names in this publication are trade names, trademarks, or registered trademarks of their respective
owners.