What are the mandatory fields in MT202?
SWIFT MT202 format specifications
| Status | Tag | Field Name |
|---|---|---|
| O | 57a | Account With Institution |
| M | 58a | Beneficiary Institution |
| O | 72 | Sender to Receiver Information |
| M = Mandatory, O = Optional – Network Validated Rules may apply |
What is a SWIFT MT202 message?
This MT202 message informs each of the banks in the chain of the payment amount, currency and recipient bank. The MT202 also creates an audit trail, so it’s easy to see who helped process the transfer of funds from the sender to the recipient. SWIFT has also recently implemented their updated, SWIFTgpi system.
Who can send MT202?
In the 2009 Standards Release the MT 202 COV scope is defined as follows: This message is sent by or on behalf of the ordering institution directly, or through correspondent(s), to the financial institution (account servicer) of the beneficiary institution1.
Why is field 21 in a MT202 mandatory?
Field 21 must refer to the underlying transaction(s). The MT202 COV must not be used to convey customer credit transfer instructions; it is used to order the movement of funds related to underlying customer credit transfers that were sent with the cover method.
What is field 57a in MT202?
Field description Use this field to identify the financial institution that will credit the final beneficiary (specified in :59a:).
What is field 53b in MT202?
Field description Use this field to indicate your five-digit Cash Account that must be debited, optionally and immediately followed by the two-digit currency subdivision code of your Cash Account.
What is field 57A in MT202?
What is the meaning of MT202?
Scope of the message MT202 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. All parties identified in the message must be financial institutions.
What is a COV message MT202?
Description of the message MT202.COV The MT 202 COV is a General Use message, that is, no registration in a Message User Group is necessary to send and receive this message. 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.
Can Mt 202 be used for interbank transfers?
the MT 202 is also a valid message for interbank transfers, but must not be used to cover the funds related to an underlying customer credit transfer. The PMPG acknowledges that, in some markets, the serial payment method (as defined in the SWIFT User Handbook) is an accepted alternative to the cover payment method.
Can I use the Mt 202 CoV on an iPhone?
The entire acronym collection of this site is now also available offline with this new app for iPhone and iPad. Requests the movement of funds between financial institutions, except if the transfer is related to an underlying customer credit transfer that was sent with the cover method, in which case the MT 202 COV must be used.