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Copyright S.W.I.F.T. SCRL ("SWIFT"), avenue Adle 1, B-1310 La Hulpe, Belgium, 2005. All rights reserved. No part of this publication may be copied or reproduced, stored in a retrieval system, sold or transferred to any person, in whole or in part, in any manner or form or on any media, without the prior written permission of SWIFT. The recipient is, however, authorised to copy or reproduce this publication within its own organisation as may be reasonably necessary for the purpose for which it is supplied. Any such copy or reproduction will include the following: acknowledgement of the source, reference and date of publication, and all notices set out on this page.
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Table of Contents
Table of Contents
Introduction ........................................................................................................................... 1 Category 2 Message Types.................................................................................................... 5 Euro Impact on Category 2 Message Standards................................................................. 9 MT 200 Financial Institution Transfer for its Own Account .............................................. 21 MT 201 Multiple Financial Institution Transfer for its Own Account ................................ 34 MT 202 General Financial Institution Transfer ................................................................... 49 MT 203 Multiple General Financial Institution Transfer .................................................... 72 MT 204 Financial Markets Direct Debit Message .............................................................. 94 MT 205 Financial Institution Transfer Execution ............................................................. 113 MT 206 Cheque Truncation Message ............................................................................... 131 MT 207 Request For Financial Institution Transfer .......................................................... 166 MT 210 Notice to Receive ................................................................................................ 187 MT 256 Advice of Non-Payment of Cheques ................................................................... 197 MT 290 Advice of Charges, Interest and Other Adjustments ........................................... 216 MT 291 Request for Payment of Charges, Interest and Other Expenses .......................... 217 MT 292 Request for Cancellation ..................................................................................... 218 MT 295 Queries ................................................................................................................. 219 MT 296 Answers ............................................................................................................... 220 MT 298 Proprietary Message ............................................................................................ 221 MT 299 Free Format Message .......................................................................................... 222 Glossary of Terms ............................................................................................................. 223
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iv
Introduction
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) 2005 and the relevant updates to the SRG 2005: BEIs are expanded to include SMDP (Securities Market Data Providers), deletion of the MT 293 Information Service Message.
IMPORTANT This volume contains information effective as of the May 2005 Standards Release. Therefore the Standards volumes as published on the User Handbook August 2004 edition remain effective until May 2005.
Mandatory Sequence A (Sequence Name) M M 25 32a Account Identification Value Date, Currency Code, Amount 35x C or D 3 4
-----> Optional Repetitive Sequence B (Sequence Name) O M O -----| M = Mandatory O = Optional 52a 71B 72 Ordering Institution Details of Charges Sender to Receiver Information A or D 6*35x 6*35x 5 6 7
MT nnn (Message Type Name) provides the message type number and name Status indicates if the field is 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. Tag is the field identification Field Name is the detailed name of the field tag, for this message type
Introduction
Content/Options provides permitted field length and characteristics. For information concerning field structure, notation and character restrictions, please see Standards 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, ie, 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.
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. PRESENCE indicates if the field is mandatory, optional or conditional in its sequence. DEFINITION specifies the definition of the field in this sequence of the message type. 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, ie, 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, ie, 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, eg, 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, ie, 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. EXAMPLES provides one or more examples of the field as it will be formatted/used.
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 Example
Examples are provided to illustrate the correct use of a message. Examples always include the following information: Narrative provides a brief description of a transaction Information Flow illustrates the relationships between the parties involved in the message. An explanation of the flow diagram can be found in Standards 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.
MT 200
MT Name Financial Institution Transfer for its Own Account Multiple Financial Institution Transfer for its Own Account General Financial Institution Transfer Multiple General Financial Institution Transfer Financial Markets Direct Debit Message Financial Institution Transfer Execution
Purpose Requests the movement of the Sender's funds to its account at another financial institution Multiple of the MT 200
Authen. Y
MUG N
VDO Y
201
2,000
202
Requests the movement of funds between financial institutions Multiple of the MT 202
2,000
203
2,000
204
Claims funds from SWIFT member banks Further transmits a transfer request domestically
2,000
205
2,000
MT 206
Purpose Conveys information on one or more truncated cheques in order to debit or obtain credit under usual reserve Requests to debit an ordering financial institution's account held at the receiving financial institution or the account servicing financial institution Notifies the Receiver that it will receive funds for the Sender's account Informs the Sender of one or more previously sent MT 206s of non-payment of one or more truncated cheques. It may also be used to specify dishonoured items that result in reversing a previous payment settlement Advises an account owner of charges, interest or other adjustments
Authen. Y
MUG Y
VDO Y
207
10,000
210
2,000
256
10,000
290
Advice of Charges, Interest and Other Adjustments Request for Payment of Charges, Interest and Other Expenses
2,000
291
2,000
MT 292
Purpose Requests the Receiver to consider cancellation of the message identified in the request Requests information relating to a previous message or amendment to a previous message Responds to an MT 295 Queries message or an MT 292 Request for Cancellation or other message where no specific message type has been provided for a response Contains formats defined and agreed to between users and for those messages not yet live Contains information for which no other message type has been defined
Authen. Y
MUG N
VDO N
295
Queries
2,000
296
Answers
2,000
298
Proprietary Message
10,000
299
2,000
Note: A MUG, for the purposes of this book, is a group of users which 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. It is done by sending an MT 999 to SWHQBEBBCOS to the attention of Customer Implementation. To register, the following information must be provided: the destination of the requesting institution, ie, the 8 character BIC the message type or specific usage of the specified message type the contact name and telephone number within the institution whether the request is for test and training or live operation, or both the requested activation date for testing and training and/or live operation.
Activation occurs every Monday. A period of about three weeks is needed between the registration request and the actual activation period. A user can choose to withdraw from the group. This is done by sending SWIFT a similar request to withdraw. Upon request to Customer Implementation (see the SWIFT address above), information can be obtained regarding other members of the MUG.
ERI Content
Euro-Related Information (ERI) refers to the following data: original currency, original amount, transaction charges.
The original currency and amount in ERI is the equivalent of the information in the field containing the amount which is used for interbank settlement of the transaction. This field may contain additional information, eg, value date. ERI may be specified in free-text field 72, preceded by a code. As of Standards Release 2001, the use of ERI was extended to non-European currencies, and beyond the transition period of 3 years.
Usage Guidelines.
Usage rules must be complied with, although they are not validated by the network. Usage guidelines are recommendations on how to specify ERI. Usage Rules As with all other information occurring in fields 72, 77A or 79, ERI is for information purposes only. In the case of a discrepancy between ERI and the settlement amount specified in the message, the information in the settlement amount prevails. Usage Guidelines 1. If no specific fields are available to specify the original currency and amount, ERI may be used in any message type containing a free text field 72, ie, the use of ERI is not restricted to specific message types. See the section entitled Messages Likely to Contain ERI. This section lists, for each message type, the field to specify the settlement amount and the field to specify the original amount. The list is provided to facilitate the implementation of different systems: it is not exhaustive. 2. If ERI is specified in field 72, it should appear on the first line whenever possible. Whatever line is used, the ERI should always appear on the first position of that line. 3. Where the settlement amount is part of a repetitive sequence which does not contain a free text field, the message should be used as a single transaction message, ie, one message should be used per transaction. 4. Where transaction charges are specified in ERI, this information must appear after the code /CHGS/. This will not necessarily be processed by the Receiver. 5. ERI is designed to be passed on unchanged in the appropriate message types throughout the entire transaction, ie, throughout the chain of messages relating to the transaction. Therefore, it should appear in the appropriate SWIFT messages related to the transaction.
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ERI Structure
FORMAT DEFINITION Field 72 6*35x
In addition to previously defined Sender to Receiver information,or other narrative information, field 72 may include euro-related information (ERI) for information purposes. ERI indicates currency conversion details, related to the conversion of the original currency into a settlement currency, found in field 72. It is recommended that ERI be structured using codes. The following codes must be used: /OCMT/ 3!a15d/ O Original currency and amount. If no charges are specified then the original currency and amount will be the equivalent of the transaction amount specified in the message. Currency and amount of the transaction charges. When the BEN option is used in payments and related messages, ie, all transaction charges are to be paid by the beneficiary customer, the charges amount has been deducted from the original amount to obtain the settlement amount specified in the message.
CODES
/CHGS/
3!a15d/
The network will validate the structure of ERI, but not the content. :72:/OCMT/USD504938,/ /CHGS/EUR2,40/
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If there are business requirements to specify ERI in other message types, these should be similarly specified in field 72 as explained in the section entitled ERI Structure. Therefore, this list is not exhaustive.
MT
MT Name
Settlement Amount Field 32A Value Date, Currency Code, Amount 32B Currency Code, Amount 32B Currency Code, Amount 32A Value Date, Currency Code, Amount 32B Currency Code, Amount
Repetitive/ NonRepetitive NR R
ERI Field 72 72
Repetitive /NonRepetitive NR R
202 203
General Financial Institution Transfer Multiple General Financial Institution Transfer Financial Markets Direct Debit Message Financial Institution Transfer Execution Request for Financial Institution Transfer
R NR R
72 72 72
R NR NR
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MT Name Financial Institution Transfer for its Own Account Multiple Fincancial Institution Transfer for its Own Account General Financial Institution Transfer Multiple General Financial Institution Transfer Financial Markets Direct Debit Message Financial Institution Transfer Execution Request for Financial Institution Transfer Notice to Receive 32A
32B (each occurrence) 32A 32B (each occurrence) 32B (each occurrence) 32A 32B (each occurrence) 32B (each occurrence)
where: the currency component 3!a must be a valid ISO currency code (Error code(s): T52). the amount component 15d following the currency code must be formatted according to the Field Formatting Rules given in Section 5.4.2 Numbers of the Standards General Information. If not properly formatted the system will NAK the message with Error Code T40, T43, T33 or other generic error codes as deemed necessary.
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the amount component 15d will not be checked on the maximum number of decimal digits allowed for the relevant currency code.
In the following examples the currency code XYZ is invalid. The message is NAKed: :72:/OCMT/XYZ150,/(CrLf) /CHGS/EUR1,(CrLf) :72:xxxxx/OCMT/EUR10000,//CHGS/XYZ1,/(CrLf) In the following examples the amount components are invalid. The message is NAKed: :72:/OCMT/EUR,12/(CrLf) :72:/OCMT/EUR123/(CrLf) Note: The amount component must be followed by a slash character, / (Error code(s): T31). In the following example the amount component is invalid. The message is NAKed :72:/OCMT/EUR1,23(CrLf) Messages and fields impacted The ERI validation will be performed in fields: 72 Structured Format and 72 Narrative, of all messages except the MTs 292, 295, 296 and 299
In the following example OCMT is validated. The message is not NAKed: :72:xxxxx/OCMT/EUR10,25/xxxxx(CrLf) In the following example OCMT and CHGS are validated. The message is not NAKed: :72:xxxxx/OCMT/EUR10,25/(CrLf) /CHGS/EUR1,/(CrLf) No ERI validation hierarchy between the fields Note, if the same Field Specification is re-used in the message, the ERI validation will be performed. This is usually the case where a field is defined in a loop, ie, a repetitive block of fields or sequence. /CHGS/ is only validated if /OCMT/ is present The ERI validation for the code /CHGS/ (6 characters) will be performed only if it immediately follows /OCMT/3!a15d/ in the same occurrence of that field. Therefore, if /OCMT/ is present in a first occurrence of field 72 and /CHGS/ is present in a following occurrence of field 72 (but /OCMT/ is not present in that field 72), then the system does not validate the format following /CHGS/ in the second field 72.
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In the following example, CHGS is not validated because OCMT is missing. The message is not NAKed: :72:xxxxx/CHGS/EUR1,40/xxxxx(CrLf) Sequence of codes is required Within a field, the sequence of the codes /OCMT/ and /CHGS/ is relevant. Only if /OCMT/ appears immediately before /CHGS/, will the ERI validation be applied to /CHGS/. In the following examples OCMT and CHGS are validated. The message is not NAKed: Example 1 (structured field 72): :72:/INS/BANKCCCY/OCMT/EUR12345,/(CrLf) /CHGS/EUR100,/xxxxx(CrLf) Example 2 (free format field 72): :72:xyz/OCMT/EUR1234,00//CHGS/EUR40,00/(CrLf) //xxx(CrLf) In the following example only OCMT is validated because CHGS does not immediately follow OCMT. The message is not NAKed: Example 3 (free format field 72): :72:xxxxxxxxxx(CrLf) //xxxxxxxxxx(CrLf) /OCMT/EUR10000,/xxxxx(CrLf) //xxxxxxxxxx(CrLf) /CHGS/EUR50,/(CrLf) //xxxxxxxxxx(CrLf) Note: If /CHGS/ appears before /OCMT/, /CHGS/ will not be recognized as part of the ERI and will not be subject to the ERI validation. In the following examples only OCMT is validated. The message is not NAKed: Example 4 (structured field 72): :72:/CHGS/EUR12,/xxxxx(CrLf) //xxxxxxxxxx(CrLf) //xxxxxxxxxx(CrLf) /OCMT/EUR12345,/xxxxx(CrLf) //xxxxxxxxxx(CrLf) Example 5 (free format field 72): :72:xyz/CHGS/EUR4,00/xxx/OCMT/EUR1234,0(CrLf) //0/xxx(CrLf)
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In the following example, OCMT and the second occurrence of CHGS are validated. The message is not NAKed: Example 6 (structured field 72): :72:/CHGS/EUR1,/xxxxx(CrLf) //xxxxxxxxxx(CrLf) //xxxxxxxxxx(CrLf) /OCMT/EUR12345,/(CrLf) /CHGS/EUR12,/xxxxx(CrLf) Double codes are not allowed in one field In one occurrence of a field where the ERI validation must be performed, the codes /OCMT/ and /CHGS/ must not be used more than once. Note: Since the presence of /OCMT/ triggers the validation of /CHGS/, a double /CHGS/ will be NAKed only if /OCMT/ is present in the same field. If the ERI validation fails due to a duplicated code, it will result whichever field was validated in the existing Error Code T47. The line number of the first field in sequence in the message where the error occurred will be indicated together with the error code. In the following examples OCMT is found twice. The messages are NAKed: Example 1 (structured field 72): :72:/OCMT/EUR12345,/(CrLf) //xxxxxx(CrLf) /OCMT/EUR100,/xxxxx(CrLf) Example 2 (free format field 72): :72:xyz/OCMT/EUR1234,00//OCMT/EUR40,00/(CrLf) //xxx(CrLf) In the following example CHGS is found twice. The message is NAKed Example 3 (free format field 72): :72:xxxxxxxxxx(CrLf) //xxxxxxxxxx(CrLf) /OCMT/EUR10000,/(CrLf) /CHGS/EUR100,/xxxxxxxxxx(CrLf) /CHGS/EUR50,/(CrLf) //xxxxxxxxxx(CrLf) Note: If /CHGS/ appears before /OCMT/, /CHGS/ will not be recognized as part of the ERI and thus not be subject to the ERI validation.
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In the following example OCMT and the second occurrence of CHGS are validated. The messages are not NAKed. Example 4 (structured field 72): :72:/CHGS/EUR12,/xxxxx(CrLf) //xxxxxxxxxx(CrLf) //xxxxxxxxxx(CrLf) /OCMT/EUR12345,/(CrLf) /CHGS/EUR50,/(CrLf) //xxxxxxxxxx(CrLf) Example 5 (free format field 72): :72:xyz/CHGS/EUR4,00//OCMT/EUR1234,00//(CrLf) //CHGS/EUR4,00/(CrLf) Consistent with current standards In all fields where the ERI validation is defined, the generic, ie, current, validation must still be performed. For example, a. field 72 is always checked for maximum 6 lines, with a maximum of 35 characters per line. b. field 72, structured format, the first line must begin with a /, and the second through sixth line (optional), must begin with a / or a //. Maximum use of the generic format definition In order to maximize the use of all characters allowed in the generic format, the codes /OCMT/, /CHGS/, as well as the data (3!a15d/), may be split across lines. Example in narrative format of information that follows ERI related codes, split across lines: :72:xxxxx/OCMT/EUR12345,(CrLf) 12//CHGS/E(CrLf) UR12,/(CrLf) Example in structured format of ERI related codes, split across lines: :72:/INS/BANKCCCY/OCMT/EUR1234,//CH(CrLf) //GS/EUR1,/xxxxxxx(CrLf) Example in narrative format of ERI related codes, split across lines: :72:xxxxx/OC(CrLf) MT/EUR100,/(CrLf)
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No ERI validation performed in : field 72, if the REJT or RETN codes are present, ie, the special REJT/RETN validation for fields 72 prevails. MTs 292, 295, 296 and 299.
The system will perform the following validation: 1. Maximum 6 lines, maximum 35 characters per line (<X> character set) 2. First line as <INSTR>, per the format defined here above 3. Second through sixth line, if present, defined as : <INSTR> OR <// 33x> a. If the 3 checks here above are OK, then go to point 4 b. Otherwise the message is NAK with the corresponding error code 4. Throughout the field content remove all (CrLf//), if any 5. Throughout the field content remove all (CrLf), if any 6. Scan for /OCMT/ a. If /OCMT/ is not present, then perform next field validation b. If /OCMT/ is present more than once (double), then NAK the message with the Error Code T47 and terminate the validation c. If /OCMT/ is present only once, then validate the format <3!a15d>>
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If format is valid, then go to point 7 If format is not valid, then NAK the message with the corresponding error code and terminate the validation
7. Check for /CHGS/ immediately after /OCMT/3!a15d/ a. If /CHGS/ is not present, then perform next field validation b. If /CHGS/ is present more than once (double), then NAK the message with the Error Code T47 and terminate the validation c. If /CHGS/ is present only once, then validate the format <3!a15d/> If format is valid, then go to next field validation If format is not valid, then NAK the message with the corresponding error code and terminate the validation
Field 72 (Narrative)
FORMAT 35x [(CrLf)35x]0-5
The system will perform the following validation: 1. Maximum 6 lines, maximum 35 characters per line (<X> character set) 2. Second through sixth line, if present, defined as 35x a. If the 2 checks here above are OK, then go to point 3 b. Otherwise the message is NAK with the corresponding error code 3. Throughout the field content remove all (CrLf), if any 4. Scan for /OCMT/ a. If /OCMT/ is not present, then perform next field validation b. If /OCMT/ is present more than once (double), then NAK the message with the Error Code T47 and terminate the validation c. If /OCMT/ is present only once, then validate the format <3!a15d/> If format is valid, then go to point 5. If format is not valid, then NAK the message with the corresponding error code and terminate the validation
5. Check for /CHGS/ immediately after /OCMT/3!a15d/ a. If /CHGS/ is not present, then perform next field validation
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b. If /CHGS/ is present more than once (double), then NAK the message with the Error Code T47 and terminate the validation c. If /CHGS/ is present only once, then validate the format <3!a15d/> If format is valid, then go to the next field validation If format is not valid, then NAK the message with the corresponding error code and terminate the validation.
20
MT 200
21
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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MT 200
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). 3. Field 53B: Sender's Correspondent FORMAT Option B [/1!a][/34x] [35x] (Party Identifier) (Location)
PRESENCE Optional DEFINITION This field specifies the account of the Sender which is to be debited. 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. 4. Field 56a: Intermediary FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field identifies a party between the Receiver and the account with institution through which the transaction must pass. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //:
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with option A:
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA 6!n 6!n 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
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MT 200
Pay by Real Time Gross Settlement Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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.
25
5.
Field 57a: Account With Institution FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
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 Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA 6!n 6!n 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
26
MT 200
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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.
27
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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 6. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
The following line formats must be used: Line 1 Lines 2-6 /8c/[additional information] [//continuation of additional information] or [/8c/[additional information]]
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, placed between slashes (/):
ACC INT PHON PHONIBK Instructions following are for the account with institution Instructions following are for the intermediary Please advise account with institution by phone Please advise intermediary by phone
28
MT 200
Instructions following are for the Receiver Please advise the account with institution by the most efficient means of telecommunication Please advise the intermediary by the most efficient means of telecommunication.
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. 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 explained in the chapter Euro Impact on Category 2 Message Standards. 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 24 May 2002 UBS, Zrich requests ABN Amro Bank, Amsterdam, to transfer euro 1,000,000 to its account at ING Bank, Amsterdam.
29
Sender
UBS Zurich
MT
MT 200
SWIFT Message
Explanation Sender Message type Receiver Message text Transaction reference number Value date/currency code/amount UBSWCHZH80A 200 ABNANL2A
Format
20:23/200516DEV 32A:020524EUR1000000,
30
MT 200
Format
Note: (1) The Sender's account at the account with institution is to be credited with the funds.
Example 2 Financial Institution Transfer for its Own Account with an Intermediary Narrative Value 24 May 2002, 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.
31
Information Flow
Sender
MT
MT 200
Intermediary
56a
SWIFT Message
Explanation Sender Message type Receiver Message text Transaction reference number Value date/currency code/amount Sender's correspondent (1) Intermediary :20:39857579 BKAUATWW 200 CHASUS33
Format
32
D0020002
57a
MT 200
Format :57A:CITIUS33MIA
Note: (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.
33
34
MT 201
Status O M O -----|
Field Name
Content/Options A or D A, B or D 6*35x
No. 7 8 9
M = Mandatory O = Optional
35
PRESENCE Mandatory DEFINITION This field contains the sum of all amounts appearing in each occurrence of field 32B in the message. NETWORK VALIDATED RULES 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). 2. Field 30: Value Date FORMAT 6!n PRESENCE Mandatory DEFINITION This field specifies the value date for all transactions in the message. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). 3. Field 53B: Sender's Correspondent FORMAT Option B [/1!a][/34x] [35x] (Party Identifier) (Location) (Date)
PRESENCE Optional DEFINITION This field specifies the account of the Sender which is to be debited. USAGE RULES This field should be used when the Receiver services more than one account for the Sender in the currency of the transactions.
36
MT 201
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. 4. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
The following line formats must be used: Line 1 Lines 2-6 /8c/[additional information] [//continuation of additional information] or [/8c/[additional information]]
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, placed between slashes (/):
ACC INT PHON PHONIBK REC TELE TELEIBK Instructions following are for the account with institution Instructions following are for the intermediary Please advise account with institution by phone Please advise intermediary by phone Instructions following are for the Receiver Please advise the account with institution by the most efficient means of telecommunication Please advise the intermediary by the most efficient means of telecommunication
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines.
37
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 explained in the chapter Euro Impact on Category 2 Message Standards. 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. 5. Field 20: Transaction Reference Number FORMAT 16x PRESENCE Mandatory DEFINITION The Transaction Reference Number (TRN) specifies the reference assigned by the Sender to unambiguously identify the message. NETWORK VALIDATED RULES This field must not start or end with a slash / and must not contain two consecutive slashes // (Error code(s): T26). USAGE RULES A different TRN must be assigned to each transaction in the message.
38
MT 201
6.
Field 32B: Currency Code, Amount FORMAT Option B PRESENCE Mandatory DEFINITION This field specifies the currency and amount to be transferred in each individual transaction within the message. NETWORK VALIDATED RULES 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). 3!a15d (Currency) (Amount)
7.
Field 56a: Intermediary FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field specifies the party between the Receiver and the account with institution through which the transaction must pass. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
39
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA
5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n
Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
40
MT 201
RU SC SW SW ZA
Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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.
41
8.
Field 57a: Account With Institution FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
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 Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA 6!n 6!n 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
42
MT 201
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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.
43
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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 9. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
The following line formats must be used: Line 1 Lines 2-6 /8c/[additional information] [//continuation of additional information] or [/8c/[additional information]]
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, placed between slashes (/):
ACC INT PHON PHONIBK Instructions following are for the account with institution Instructions following are for the intermediary Please advise account with institution by phone Please advise intermediary by phone
44
MT 201
Instructions following are for the Receiver Please advise the account with institution by the most efficient means of telecommunication Please advise the intermediary by the most efficient means of telecommunication
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. 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 explained in the chapter Euro Impact on Category 2 Message Standards. 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 2002, UBS, Zrich requests ABN Amro Bank, Amsterdam, to transfer euro 61,000 to its accounts at the following financial institutions:
45
ING Bank, Amsterdam SNS Bank Nederland NV, Amsterdam ABN Amro Bank, Rotterdam Crdit Lyonnais, Paris Deutsche Bank AG, Frankfurt by telex through ING Bank, Amsterdam
Information Flow
Sender
UBS Zurich
MT
MT 201
Receiver
Intermediary
57a
57a
57a
46
D0020003
ABN Amro ING Bank SNS Bank Amsterdam Nederland NV Bank Amsterdam Rotterdam
MT 201
SWIFT Message
Explanation Sender Message type Receiver Message text Sum of amounts in the message Value date Transaction reference number (1) Currency code and amount Account with institution Transaction reference number (2) Currency code and amount Account with institution Transaction reference number (3) Currency code and amount Account with institution Transaction reference number (4) Currency code and amount Account with institution Transaction reference number (5) Currency code and amount Intermediary Account with institution :19:61000, :30:020528 :20:1234/22 :32B:EUR5000, :57A:INGBNL2A :20:1235/22 :32B:EUR7500, :57A:BBSPNL2A :20:1227/23 UBSWCHZH80A 201 ABNANL2A
Format
47
Explanation Sender to Receiver information End of message text/trailer Note: There are 5 requests for transfer within the message :72:/TELE/
Format
48
MT 202
49
50
MT 202
PRESENCE Mandatory DEFINITION This field contains a reference to the related transaction 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. NETWORK VALIDATED RULES 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 Senders 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, eg, 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. 3. Field 13C: Time Indication FORMAT Option C 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, placed between slashes (/): /8c/4!n1!x4!n (Code)(Time indication)(Sign)(Time offset)
51
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). The time at which a TARGET payment has been credited at the receiving central bank, expressed in Central European Time (CET). The time at which a TARGET payment has been debited at the sending central bank, expressed in Central European Time (CET).
NETWORK VALIDATED RULES Time indication must be a valid time expressed as HHMM (Error code(s): T38). Sign is either "+" or "-" (Error code(s): T15). Time offset is expressed as HHMM, where the hour component, ie, HH, must be in the range of 00 through 13, and the minute component, ie, 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. Time indication field will be completed as follows: :13C:/CLSTIME/0915+0100 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 (ie during winter time). If the same instruction had been sent on 10 June (ie 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 green section of the BIC Directory. 4. Field 32A: Value Date, Currency Code, Amount FORMAT Option A 6!n3!a15d (Date) (Currency) (Amount)
52
MT 202
PRESENCE Mandatory DEFINITION This field specifies the value date, currency and amount to be transferred. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). 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). 5. Field 52a: Ordering Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field specifies the ordering institution when other than the Sender of the message. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR 5!n 6!n 8!n 9!n 8..9n 7!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code)
53
HK IE IN IT PT SC
Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT BICs, Masters, Synonyms, Live destinations and Test & Training destinations. (Error code(s): C05).
54
MT 202
USAGE RULES When the Sender of an initial MT 202 is also the ordering institution, ie, this field is not used, that Sender will be identified in this field in any subsequent messages as the ordering institution. This field must be forwarded to the beneficiary institution. The coded information contained in field 52a must be meaningful to the Receiver of the message. Option A is the preferred option. Option D should only be used when the ordering financial institution has no BIC. 6. Field 53a: Sender's Correspondent FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
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. NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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.
55
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, ie, MT 202/203 or equivalent nonSWIFT, 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. 7. Field 54a: Receiver's Correspondent FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
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. NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45).
56
MT 202
The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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. A branch of the Sender must not appear 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. 8. Field 56a: Intermediary FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field specifies the party between the Receiver and the account with institution through which the transaction must pass.
57
CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA 6!n 6!n 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
58
MT 202
IN IT PT RT RU SC SW SW ZA
Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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.
59
9.
Field 57a: Account With Institution FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
PRESENCE Conditional (C1) DEFINITION This field identifies the financial institution, when other than the Receiver, which will pay or credit the beneficiary institution. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA 6!n 6!n 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
60
MT 202
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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.
61
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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 10. Field 58a: Beneficiary Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
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 Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES 5!n 6!n 8!n 9!n 8..9n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code
62
MT 202
FW GR HK IE IN IT PT RT SC ZA
without 9 digit code Pay by Fedwire 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
63
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 11. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
64
MT 202
Lines 2-6
PRESENCE Optional DEFINITION This field specifies additional information for the Receiver. CODES One or more of the following codes may be used, placed between slashes (/):
ACC BNF INS INT PHON PHONBEN PHONIBK REC TELE TELEBEN TELEIBK Instructions following are for the account with institution Information following is for the beneficiary The instructing institution which instructed the Sender to execute the transaction Instructions following are for the intermediary Please advise account with institution by phone Please advise/contact beneficiary/claimant by phone Please advise intermediary by phone Instructions following are for the Receiver Please advise the account with institution by the most efficient means of telecommunication Please advise the beneficiary/claimant by the most efficient means of telecommunication Please advise the intermediary by the most efficient means of telecommunication
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. 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.
65
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 explained in the chapter Euro Impact on Category 2 Message Standards. 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 202 Examples
Example 1 MT 202 as a Cover Payment Narrative Value 27 May 1998, Franz Holzapfel G.m.b.H. orders Bank Austria, Vienna, to pay pounds sterling 1,285.40 into H.F. Janssen's account (number 125-00698) with ABN Amro Bank, Amsterdam. Bank Austria sends two SWIFT messages: A. A customer transfer request to ABN Amro Bank, Amsterdam, using reference 494934/DEV. B. A cover message for the Pounds Sterling payment, which is provided through its account number 15158000 at Midland Bank, London.
66
MT 202
Information Flow
Ordering Customer 50
Sender's Correspondent
53a
MT 103
Receiver
Explanation Sender Message type Receiver Message text Transaction reference number Bank operation code Value date/currency code/amount Currency/Instructed Amount BKAUATWW 103 ABNANL2A
Format
D0020004
67
Explanation Ordering customer Sender's correspondent (1) Beneficiary customer Details of charges End of message text/trailer
Format :50K:FRANZ HOLZAPFEL GMBH VIENNA :53A:MIDLGB22 :59:/125-00698 H.F. JANSSEN LEDEBOERSTRAAT 27 AMSTERDAM :71A:SHA
Note: (1) Field 53A indicates the institution which is to provide the funds to the Receiver on behalf of the Sender.
Sender
Message B
MT
MT 202 (Message A MT 103) Receiver Midland Bank London (Field 53a in MT 103)
Beneficiary Institution
68
D0020005
58a
MT 202
Explanation Sender Message type Receiver Message Text Transaction reference number Related reference (1) Value date/currency code/amount Account used for reimbursement Beneficiary institution End of message text/trailer Note: (1) The related reference is the TRN of the MT 100 Customer Transfer. BKAUATWW 202 MIDLGB22
Format
Example 2 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.
69
Information Flow
MT300
BANKGB2L
MT300
BANKUS33
MT202
Pay in Schedule
CLS Bank
BANKJPJT
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. +0100 is the offset (during wintertime) of CET against UTC.
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.
70
D0020021
MT 202
Offsets of local delta time zones against UTC are published in the green section of the BIC directory.
71
72
MT 203
Tag
Field Name
Content/Options
No.
Transaction Reference Number Related Reference Currency Code, Amount Intermediary Account With Institution Beneficiary Institution Sender to Receiver Information
7 8 9 10 11 12 13
M = Mandatory O = Optional
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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.
74
MT 203
3.
Field 52a: Ordering Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field specifies the ordering institution when other than the Sender of the message. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash (//): with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
75
AT AU BL CC CH CP ES FW GR HK IE IN IT PT RU SC SW SW
5!n 6!n 8!n 9!n 6!n 4!n 8..9n 9!n 7!n 3!n 6!n 11!c 10!n 8!n 9!n 6!n 3..5n 6!n
Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number CHIPS Universal Identifier CHIPS Participant Identifier Spanish Domestic Interbanking Code Fedwire Routing Number HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code)
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 ie, this field is not used, that Sender will be identified in this field in any subsequent messages as the ordering institution. This field must be forwarded to each beneficiary institution. The coded information contained in field 52a must be meaningful to the Receiver of the message. Option A is the preferred option. Option D should only be used when the ordering financial institution has no BIC.
76
MT 203
4.
Field 53a: Sender's Correspondent FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
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. NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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. 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
77
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, ie, MT202/203 or equivalent nonSWIFT, 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. 5. Field 54a: Receiver's Correspondent FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
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. NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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.
78
MT 203
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. A branch of the Sender must not appear 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. 6. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
The following line formats must be used: Line 1 Lines 2-6 /8c/[additional information] [//continuation of additional information] or [/8c/[additional information]]
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, placed between slashes (/):
ACC BNF INS Instructions following are for the account with institution Information following is for the beneficiary The instructing institution which instructed the Sender to execute the transaction
79
Instructions following are for the intermediary Please advise account with institution by phone Please advise/contact beneficiary/claimant by phone Please advise intermediary by phone Instructions following are for the Receiver Please advise the account with institution by the most efficient means of telecommunication Please advise the beneficiary/claimant by the most efficient means of telecommunication Please advise the intermediary by the most efficient means of telecommunication
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. 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 explained in the chapter Euro Impact on Category 2 Message Standards. 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. 7. Field 20: Transaction Reference Number FORMAT 16x
80
MT 203
PRESENCE Mandatory DEFINITION The Transaction Reference Number (TRN) specifies the reference assigned by the Sender to unambiguously identify the message. NETWORK VALIDATED RULES This field must not start or end with a slash / and must not contain two consecutive slashes // (Error code(s): T26). USAGE RULES A different TRN must be assigned to each transaction in the message. 8. Field 21: Related Reference FORMAT 16x PRESENCE Mandatory DEFINITION This field contains a reference to the related transaction. NETWORK VALIDATED RULES 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 Senders 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, eg, 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.
81
9.
Field 32B: Currency Code, Amount FORMAT Option B PRESENCE Mandatory DEFINITION This field specifies the currency and amount to be transferred for the transaction in the sequence. NETWORK VALIDATED RULES 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). 3!a15d (Currency) (Amount)
10.
Field 56a: Intermediary FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field specifies the party between the Receiver and the account with institution through which the transaction must pass. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
82
MT 203
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA
5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n
Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
83
RU SC SW SW ZA
Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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.
84
MT 203
11.
Field 57a: Account With Institution FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
PRESENCE Conditional (C4) DEFINITION This field specifies the financial institution, when other than the Receiver, which will pay or credit the beneficiary institution. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA 6!n 6!n 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
85
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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.
86
MT 203
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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 12. Field 58a: Beneficiary Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
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 Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES 5!n 6!n 8!n 9!n 8..9n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code
87
FW GR HK IE IN IT PT RT SC ZA
without 9 digit code Pay by Fedwire 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
88
MT 203
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 13. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
89
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, placed between slashes (/):
ACC BNF INS INT PHON PHONBEN PHONIBK REC TELE TELEBEN TELEIBK Instructions following are for the account with institution Information following is for the beneficiary The instructing institution which instructed the Sender to execute the transaction Instructions following are for the intermediary Please advise account with institution by phone Please advise/contact beneficiary/claimant by phone Please advise intermediary by phone Instructions following are for the Receiver Please advise the account with institution by the most efficient means of telecommunication Please advise the beneficiary/claimant by the most efficient means of telecommunication Please advise the intermediary by the most efficient means of telecommunication
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. 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 //.
90
MT 203
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 explained in the chapter Euro Impact on Category 2 Message Standards'. 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 203 Examples
Narrative Value 28 May 2002, UBS, Zrich requests ABN Amro Bank, Amsterdam, to transfer euro 5,000,000 as follows:
ING Bank NV, Amsterdam in favour of Morgan Guaranty Trust Co., New York SNS Bank Nederland NV, Amsterdam in favour of Mellon Bank, London Citibank, Amsterdam in favour of Citibank, New York Dresdner Bank AG, Frankfurt EUR EUR EUR EUR 500,000 1,500,000 1,000,000 2,000,000
91
Information Flow
Sender
UBS Zurich
MT
MT 203
Receiver
58a
58a
SWIFT Message
Explanation Sender Message type Receiver Message text UBSWCHZH80A 203 ABNANL2A
Format
92
D0020006
MT 203
Explanation Sum of amounts in the message Value date Transaction reference number (1) Related reference Currency code and amount Account with institution Beneficiary institution Transaction reference number (2) Related reference Currency code and amount Account with institution Beneficiary institution Transaction reference number (3) Related reference Currency code and amount Account with institution Beneficiary institution Transaction reference number (4) Related reference Currency code and amount Beneficiary institution End of message text/trailer (1) There are 4 transfer orders within the message. :19:5000000, :30:020528 :20:2345 :21:789022
Format
:32B:EUR500000, :57A:INGBNL2A :58A:MGTCUS33 :20:2346 :21:ABX2270 :32B:EUR1500000, :57A:BBSPNL2A :58A:MELNGB2X :20:2347 :21:CO 2750/26 :32B:EUR1000000, :57A:CITINL2X :58A:CITIUS33 :20:2348 :21:DRESFF2344BKAUWW :32B:EUR2000000, :58A:DRESDEFF
93
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 M M M O O O 20 19 30 57a 58a 72 Transaction Reference Number Sum of Amounts Value Date Account With Institution Beneficiary Institution Sender to Receiver Information 16x 17d 6!n A, B or D A or D 6*35x 1 2 3 4 5 6
-----> Repetitive Sequence B Transaction Details M O 20 21 Transaction Reference Number Related Reference 16x 16x 7 8
94
MT 204
Status M M O -----|
No. 9 10 11
M = Mandatory O = Optional
95
NETWORK VALIDATED RULES 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, eg, 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. 2. Field 19: Sum of Amounts FORMAT 17d PRESENCE Mandatory DEFINITION This field specifies the sum of the amounts appearing in each occurrence of field 32B. NETWORK VALIDATED RULES 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). 3. Field 30: Value Date FORMAT 6!n PRESENCE Mandatory 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. (Date) (Amount)
96
MT 204
NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). 4. Field 57a: Account With Institution FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field identifies the financial institution at which the Sender wishes to receive reimbursement from the Receiver. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code
97
RT SC ZA 6!n 6!n
Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT BICs, Masters, Synonyms, Live destinations and Test & Training destinations. (Error code(s): C05).
98
MT 204
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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 5. Field 58a: Beneficiary Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field identifies the beneficiary institution, which is always the Sender. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
99
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA
5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n
Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
100
MT 204
RU SC SW SW ZA
Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 6. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
101
Lines 2-6
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, placed between slashes (/):
ACC BNF CUST CUSTMAR CUSTVAR HOUSE HOUSEMAR HOUSEVAR METALS MKTMAR MKTMKR MKTVAR MMPLDG OPTPREM REC TENDER Instructions following are for the account with institution Information following is for the beneficiary The amount to be debited corresponds to a margin call on segregated customer (client) trades/account The amount to be debited corresponds to initial/original margin on customer trades (customer account margin) The amount to be debited corresponds to variation margin on customer trades (customer account variation) The amount to be debited corresponds to a margin call on house trades (proprietary funds) The amount to be debited corresponds to initial/original margin on house trades (house account margin) The amount to be debited corresponds to variation margin on house trades (house account variation) Metals call The amount to be debited corresponds to initial/original margin on market-maker (specialist) trades/account (market-maker account margin) The amount to be debited corresponds to a margin call on market-maker (specialist) trades/account The amount to be debited corresponds to variation margin on market-maker (specialist) trades/account (market-maker account variation) Market-maker pledge Options premium Instructions following are for the Receiver The amount to be debited corresponds to a payment in respect of a tender (delivery)
102
MT 204
General variation Cross-margin account (covers positions hedged, offset or spread over two exchanges) Cross-margin account margin (for initial/original margin) Cross-margin account margin (for variation margin)
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. 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 explained in the chapter Euro Impact on Category 2 Message Standards. 7. Field 20: Transaction Reference Number FORMAT 16x PRESENCE Mandatory DEFINITION This field specifies the reference assigned by the Sender to unambiguously identify the specific transaction. NETWORK VALIDATED RULES This field must not start or end with a slash / and must not contain two consecutive slashes // (Error code(s): T26).
103
USAGE RULES This reference should normally be quoted in any related reimbursement payments, eg, 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. 8. Field 21: Related Reference FORMAT 16x PRESENCE Optional DEFINITION This field contains a reference attributed by the debit institution to the related transaction. NETWORK VALIDATED RULES 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. 9. Field 32B: Transaction Amount FORMAT Option B PRESENCE Mandatory DEFINITION This field specifies the currency and the amount to be debited to the debit institution identified in field 53a of the same sequence. NETWORK VALIDATED RULES 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). 3!a15d (Currency) (Amount)
104
MT 204
10.
Field 53a: Debit Institution FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
PRESENCE Mandatory DEFINITION This field specifies the financial institution which is to be debited with the transaction amount. NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the debit institution cannot be identified by a 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. 11. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
105
Lines 2-6
PRESENCE Optional 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, placed between slashes (/):
ACC BNF CUST CUSTMAR CUSTVAR HOUSE HOUSEMAR HOUSEVAR METALS MKTMAR MKTMKR MKTVAR MMPLDG OPTPREM REC TENDER Instructions following are for the account with institution Information following is for the beneficiary The amount to be debited corresponds to a margin call on segregated customer (client) trades/account The amount to be debited corresponds to initial/original margin on customer trades (customer account margin) The amount to be debited corresponds to variation margin on customer trades (customer account variation) The amount to be debited corresponds to a margin call on house trades (proprietary funds) The amount to be debited corresponds to initial/original margin on house trades (house account margin) The amount to be debited corresponds to variation margin on house trades (house account variation) Metals call The amount to be debited corresponds to initial/original margin on market-maker (specialist) trades/account (market-maker account margin) The amount to be debited corresponds to a margin call on market-maker (specialist) trades/account The amount to be debited corresponds to variation margin on market-maker (specialist) trades/account (market-maker account variation) Market-maker pledge Options premium Instructions following are for the Receiver The amount to be debited corresponds to a payment in respect of a tender (delivery)
106
MT 204
General variation Cross-margin account (covers positions hedged, offset or spread over two exchanges) Cross-margin account margin (for initial/original margin) Cross-margin account margin (for variation margin)
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. 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 explained in the chapter Euro Impact on Category 2 Message Standards.
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 September 21st 1998.
107
Information Flow
MT
53a MT 204
Explanation Sender Message type Receiver Message text Message reference number Sum of amounts Value date Beneficiary institution Transaction reference number Related reference :20:XCME REF1 :19:50000, :30:980921 XCMEUS4C 204 CNORUS44
Format
108
D0020007
MT 204
The common correspondent bank sends confirmations of credit and debit to the exchange (MT 910) and exchange member (MT 900) as shown below: SWIFT Message, MT 910, Confirmation of Credit
Explanation Sender Message type Receiver Message text Transaction reference number Related reference Account identification Value date/currency code/amount Ordering institution End of message text/trailer :20:MB REF A :21:XCME REF1 CNORUS44 910 XCMEUS4C
Format
Explanation Sender Message type Receiver Message text CNORUS44 900 MLNYUS33
Format
109
Explanation Transaction reference number Related reference Account identification Value date/currency code/amount Ordering institution End of message text/trailer :20:MB REF B
Format
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 September 21st, 1998.
110
MT 204
Information Flow
MT
MT 204
CHIPS
Explanation Sender Message type Receiver Message text Transaction reference number Sum of amounts Value date Account with institution Message reference number Related reference :20:XCME REF1 :19:50000, :30:980921 :57A:FNBCUS44 :20:XCME REF2 XCMEUS4C 204 CNORUS44
Format
:21:MANDATEREF1
D0020008
111
112
MT 205
113
114
MT 205
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, placed between slashes (/):
CLSTIME RNCTIME SNDTIME The time by which the funding payment must be credited, with confirmation, to the CLS Banks account at the central bank, expressed in Central European Time (CET). The time at which a TARGET payment has been credited at the receiving central bank, expressed in Central European Time (CET). The time at which a TARGET payment has been debited at the sending central bank, expressed in Central European Time (CET).
NETWORK VALIDATED RULES Time indication must be a valid time expressed as HHMM (Error code(s): T38). Sign is either "+" or "-" (Error code(s): T15). Time offset is expressed as 'HHMM', where the hour component, ie, 'HH', must be in the range of 00 through 13, and the minute component, ie, '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. Time indication field will be completed as follows: :13C:/CLSTIME/0915+0100 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 (ie during winter time).
115
If the same instruction had been sent on 10 June (ie 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 green section of the Bic Directory. 4. Field 32A: Value Date, Currency Code, Amount FORMAT Option A PRESENCE Mandatory DEFINITION This field specifies the value date, currency and amount to be transferred. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). 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). 5. Field 52a: Ordering Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address) 6!n3!a15d (Date) (Currency) (Amount)
PRESENCE Mandatory DEFINITION This field identifies the ordering institution from the initial message. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash (//):
116
MT 205
with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
117
SC SW SW
UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code)
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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. This field must be forwarded to the beneficiary institution. The coded information contained in field 52a must be meaningful to the Receiver of the message. Option A is the preferred option. Option D should only be used when the ordering financial institution has no BIC. 6. Field 53a: Sender's Correspondent FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
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.
118
MT 205
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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. 7. Field 56a: Intermediary FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional
119
DEFINITION This field specifies the party between the Receiver and the account with institution through which this transaction must pass. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA 6!n 6!n 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
120
MT 205
GR HK IE IN IT PT RT RU SC SW SW ZA
7!n 3!n 6!n 11!c 10!n 8!n 9!n 6!n 3..5n 6!n 6!n
HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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.
121
8.
Field 57a: Account With Institution FORMAT Option A Option B Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] [35x] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Location) (Party Identifier) (Name & Address)
PRESENCE Conditional (C1) DEFINITION This field specifies the financial institution, when other than the Receiver, which is to pay or credit the beneficiary institution. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT RT SC ZA 6!n 6!n 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
122
MT 205
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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.
123
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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 9. Field 58a: Beneficiary Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Mandatory DEFINITION This field specifies the ultimate recipient of the funds being transferred. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW 5!n 6!n 8!n 9!n 8..9n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code
124
MT 205
GR HK IE IN IT PT RT SC ZA
HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Pay by Real Time Gross Settlement UK Domestic Sort Code South African National Clearing Code
125
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. 10. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
The following line formats must be used: Line 1 Lines 2-6 /8c/[additional information] [//continuation of additional information] or [/8c/[additional information]]
126
MT 205
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, placed between slashes (/):
ACC BNF INS INT PHON PHONBEN PHONIBK REC TELE TELEBEN TELEIBK Instructions following are for the account with institution Information following is for the Beneficiary The instructing institution which instructed the Sender to execute the transaction Instructions following are for the intermediary Please advise account with institution by phone Please advise/contact beneficiary/claimant by phone Please advise intermediary by phone Instructions following are for the Receiver Please advise the account with institution by the most efficient means of telecommunication Please advise the beneficiary/claimant by the most efficient means of telecommunication Please advise the intermediary by the most efficient means of telecommunication
The codes /REJT/ or /RETN/ may be used in this field. If either of these codes is used in the first position of the first line, it is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. 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.
127
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 explained in the chapter Euro Impact on Category 2 Message Standards. 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 205 Examples
Narrative Deutsche Bank, Frankfurt, receives the following MT 202 General Financial Institution Transfer from UBS, Zrich.
Explanation Sender Message Type Receiver Message Text Transaction Reference Number Related Reference Value Date/Currency Code/Amount Account With Institution Beneficiary Institution End of Message Text/Trailer
128
MT 205
Information Flow
UBS Zurich
Sender
MT 205
Receiver
As a result of this message, Deutsche Bank, Frankfurt, sends an MT 205 to Deutsche Bank, Hamburg: SWIFT Message
Explanation Sender Message Type Receiver Message Text Transaction reference number Related reference (1)
:20:3004GH3882 :21:394882
D0020009
129
Explanation Value date/currency code/amount Ordering institution (2) Beneficiary Institution End of Message Text/Trailer
Note: (1) Related reference of the transaction which resulted in this message, ie, 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.
130
MT 206
MT 206 Scope
This message is sent from the beneficiary's financial institution, directly or through one or more other financial institutions, to the issuer's financial institution to convey information about one or more truncated cheques, in the same currency. It is used to debit or obtain credit under usual reserve. In case of travellers cheques, this message may also be sent to a travellers cheque issuer. This message may not be used to convey information about truncated cheques sent on a collection basis.
Mandatory Sequence A Common Elements M M M O O 20 28E 23E 17A 52a Sender's Reference Message Index/Total Cheque Type Cheque Truncation Indicator Safekeeper 16x 5n/4!c 4!c[/30x] 1!a A, C or D 1 2 3 4 5
131
Status M O O O M O O O O O O O -----|
Tag 44A 21D 21E 29a 32J 58a 25 26E 30 39C 52a 72
Field Name Transaction Reference Number Cheque Number Cheque Reference Number Code Line Cheque Amount Issuer's Financial Institution Issuer's Account Number/Code Represented Cheque Entry Date of Issue/Encashment Place of Issue/Encashment Safekeeper Sender to Receiver Information 65x 35x 35x
Content/Options
No. 6 7 8 9 10 11 12 13 14 15 16 17
Mandatory Sequence C Settlement Information O O O O 32A 57a 58B 19 Value Date, Currency Code and Sum of Settlement Amounts Account With Institution (for Settlement) 6!n3!a15d A, C or D 18 19 20 21
Beneficiary Institution's Account (for Settlement) [/1!a][/34x] [35x] Settlement Amount M = Mandatory O = Optional 17d
132
MT 206
field 58a Issuer's Financial Institution field 25 Issuer's Account Number/Code field 21D Cheque Number
If field 23E in sequence A contains GENC or OTHR, and if field 29a in sequence B is Not present then field 21D in sequence B is Mandatory then field 25 in sequence B is Mandatory then field 58a in sequence B is Mandatory
If field 29a is present, the following fields must not be present (Error code(s): E20): field 58a Issuer's Account Number/Code field 21D Cheque Number
If field 23E in sequence A contains GENC or OTHR and if field 29a in sequence B is Present then field 21D in sequence B is Not allowed then field 25 in sequence B is Optional then field 58a in sequence B is Not allowed
C3
When field 52a is present in sequence A, it must not be present in any occurrence of sequence B. Conversely, if field 52a is present in any occurrence of sequence B, it must not be present in sequence A (Error code(s): D64).
If field 52a in sequence A is Present Not present If field 52a in any occurrence of sequence B is Present Not present then field 52a in any occurrence of sequence B is Not allowed Optional
C4
Field 32A must only be present if field 28E contains the code LAST or ONLY (Error code(s): E21).
133
C5
Field 19 must only be present if field 28E contains the code MORE or LAST (Error code(s): E22).
If field 28E in Sequence A contains LAST MORE ONLY then field 19 in Sequence C is Mandatory Mandatory Not allowed
C6
When field 28E contains ONLY, the amount specified in field 32A must be equal to the sum of all occurrences of field 32J in sequence B (Error code(s): E23). When field 28E contains MORE or LAST, field 19 must be equal to the sum of all occurrences of field 32J in sequence B (Error code(s): E24).
134
MT 206
The use of this message is subject to bilateral/multilateral agreements between Sender/beneficiary's financial institution and Receiver of the truncation message and where necessary, between the issuer's financial institution and the issuer.
135
This is the last message in a chain of messages. More messages are following; this is not the last message in the chain of messages. This is the one and only message, ie, no chain of messages.
USAGE RULES It is recommended that messages be sent in sequence. All messages belonging to the same sequence must have exactly the same sender's reference in field 20. When more than one message is needed to convey all information, this field chains different messages by specifying the sequence number in the total number of messages. EXAMPLE The first message is :20:Ref254 :28E:1/MORE and the second is :20:Ref254 :28E:2/MORE and the third and last message is :20:Ref254 :28E:3/LAST 3. Field 23E: Cheque Type FORMAT Option E PRESENCE Mandatory DEFINITION This field specifies the type of cheque that has been truncated. CODES Type must contain one of following codes (Error code(s): T47): 4!c[/30x] (Type) (Other Code)
136
MT 206
General cheques. Other type of cheque. This will be followed by a bilaterally agreed code to specify the type of cheque. Travellers cheques.
NETWORK VALIDATED RULES Subfield 2, Other Code, may only be used after the code OTHR (Error code(s): D81). USAGE RULES The code OTHR may only be used when bilaterally agreed. When used, Other Code, must also be present. EXAMPLE :23E:GENC 4. Field 17A: Cheque Truncation Indicator FORMAT Option A PRESENCE Optional DEFINITION This field specifies whether or not the paper cheque is being sent separately. CODES Indicator must contain one of the following codes (Error code(s): T36):
N Y The paper cheque is following. The paper cheque remains at the place of truncation.
1!a
(Indicator)
USAGE RULES This field must be used if this is not covered by the bilateral/multilateral agreement and otherwise must not be present. EXAMPLE :17A:Y
137
5.
Field 52a: Safekeeper FORMAT Option A Option C Option D [/1!a][/34x] 4!a2!a2!c[3!c] /34x [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Party Identifier) (Name & Address)
PRESENCE Conditional (C3) DEFINITION This field identifies the party at which all truncated cheques, ie, the originals, are securely stored. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash (//): with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
138
MT 206
AT AU BL CC CH CP ES FW GR HK IE IN IT PT RU SC SW SW
5!n 6!n 8!n 9!n 6!n 4!n 8..9n 9!n 7!n 3!n 6!n 11!c 10!n 8!n 9!n 6!n 3..5n 6!n
Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number CHIPS Universal Identifier CHIPS Participant Identifier Spanish Domestic Interbanking Code Fedwire Routing Number HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code)
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT BICs, Masters, Synonyms, Live destinations and Test & Training destinations. (Error code(s): C05). USAGE RULES The coded information contained in field 52a must be meaningful to the Receiver of the message. Option A is the preferred option. Option D should only be used when the safekeeper has no BIC. EXAMPLE :52A:GEBABEBB
139
6.
Field 44A: Transaction Reference Number FORMAT Option A PRESENCE Mandatory DEFINITION This number is generated by the beneficiary's financial institution to identify the transaction that this truncated cheque represents. EXAMPLE :44A:abc-1234 65x
7.
Field 21D: Cheque Number FORMAT Option D PRESENCE Conditional (C1 and C2) DEFINITION This field contains the number of the cheque, which is normally inserted on the cheque by the issuer's financial institution. EXAMPLE :21D:000024014014612 35x
8.
Field 21E: Cheque Reference Number FORMAT Option E PRESENCE Optional DEFINITION This field contains the reference of the cheque generated by the beneficiary's financial institution. 35x
140
MT 206
USAGE RULES The cheque reference number is usually the archive reference (microfilm) and is as such used as a link to the physical item. EXAMPLE :21E:888014612 9. Field 29a: Code Line FORMAT Option F Option G PRESENCE Conditional (C1) DEFINITION This field contains all the information from the code line, ie, the encoded line generally located at the bottom of the cheque which in most cases can be read optically or magnetically, of the original cheque. USAGE RULES This field can be subdivided into its different parts with option G using an index to separate them, or it can be completely unstructured, untreated and unaltered using option F. It may contain any character defined in the z character set. The z character set contains the characters of both the x and y character set extended with the characters @ and #: abcdefghijklmnopqrstuvwxyz ABCDEFGHIJKLMNOPQRSTUVWXYZ 0123456789 .,-()/='+:?!'%&*<>;{ @# Cr Lf Space It is highly recommended to take great care when using the character string CrLf, since these characters are used by the network to indicate an end of field or subfield. Since option F only has 4 subfields, five CrLf in the code line would cause a NAK by the network. Also, within option G, after a CrLf, a number and a slash are expected. 4*35z 9*1!n/33z (Full Code Line) (Index) (Partial Code Line)
141
EXAMPLE Looking at the cheque from left to right, if the code line on the cheque is xxxxxx yyyyyyyyyyy zzzzzz then this field can be used as follows: with option G: :29G: 1/xxxxxx 2/yyyyyyyyyyy 3/zzzzzz with option F: :29F:xxxxxx yyyyyyyyyyy zzzzzz 10. Field 32J: Cheque Amount FORMAT Option J PRESENCE Mandatory DEFINITION This field contains the amount of the cheque being truncated (without the currency code). NETWORK VALIDATED RULES 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). EXAMPLE :32J:10000, 11. Field 58a: Issuer's Financial Institution FORMAT Option A Option C Option D [/1!a][/34x] 4!a2!a2!c[3!c] /34x [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Party Identifier) (Name & Address) 15d (Amount)
142
MT 206
PRESENCE Conditional (C2) DEFINITION This field identifies the issuer's financial institution. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC ZA 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portugese National Clearing Code UK Domestic Sort Code South African National Clearing Code
143
FW GR HK IE IN IT PT RU SC SW SW ZA
9!n 7!n 3!n 6!n 11!c 10!n 8!n 9!n 6!n 3..5n 6!n 6!n
Fedwire Routing Number HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portugese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT BICs, Masters, Synonyms, Live destinations and Test & Training destinations. (Error code(s): C05). USAGE RULES Option A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. EXAMPLE :58A:ABNANL2A 12. Field 25: Issuer's Account Number/Code FORMAT 35x PRESENCE Conditional (C2) (Account)
144
MT 206
DEFINITION This field identifies the issuer based on the account number appearing on the cheque. EXAMPLE :25:BE33123456789012 13. Field 26E: Represented Cheque Entry FORMAT Option E PRESENCE Optional DEFINITION This field specifies the number of times a cheque has been previously presented without being honoured. EXAMPLE :26E:1 this cheque has been presented once before 14. Field 30: Date of Issue/Encashment FORMAT 6!n PRESENCE Optional DEFINITION This field contains the date written on the cheque when it was prepared by the issuer. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). USAGE RULES In the case of travellers cheques, this is the date of encashment. EXAMPLE :30:990102 (Date) 2n (Number)
145
15.
Field 39C: Place of Issue/Encashment FORMAT Option C PRESENCE Optional DEFINITION This field specifies the place where the cheque was issued. USAGE RULES In the case of travellers cheques, this is the place of encashment. EXAMPLE :39C:MANCHESTER GREAT BRITAIN 4*35x (Place)
16.
Field 52a: Safekeeper FORMAT Option A Option C Option D [/1!a][/34x] 4!a2!a2!c[3!c] /34x [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Account) (Party Identifier) (Name & Address)
PRESENCE Conditional (C3) DEFINITION This field identifies the party at which the truncated cheque, ie, the original, is securely stored. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash (//): with option A:
AT AU BL 5!n 6!n 8!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl
146
MT 206
CC ES FW GR HK IE IN IT PT SC
Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45).
147
The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT BICs, Masters, Synonyms, Live destinations and Test & Training destinations. (Error code(s): C05). USAGE RULES The coded information contained in field 52a must be meaningful to the Receiver of the message. Option A is the preferred option. Option D should only be used when the safekeeper has no BIC. EXAMPLE :52A:GEBABEBB 17. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format)
The following line formats must be used: Line 1 Lines 2-6 /8c/[additional information] [//continuation of additional information] or [/8c/[additional information]]
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, placed between slashes (/):
MANU OTHR Manual operation (automated truncation not possible) This code is followed by a bilaterally agreed code or other bilaterally agreed structured information
148
MT 206
This code is followed by bilaterally agreed remittance information We think this cheque is stale dated but we still ask for payment Transaction Type code (any sub-codes to be agreed upon bilaterally)
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 explained in the chapter Euro Impact on Category 2 Message Standards. 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. EXAMPLE :72:/STAL/ 18. Field 32A: Value Date, Currency Code and Sum of Settlement Amounts FORMAT Option A PRESENCE Conditional (C4) DEFINITION This field contains the value date which is to be applied to the funds that must be debited from the Receiver's account, or credited to the Sender's account, or the account of another party as specified in the bilateral agreement (see also the checklist on value dates). This is followed by, 6!n3!a15d (Date) (Currency) (Amount)
149
first the (common) currency for all the truncated cheques, and then the sum of all settlement amounts. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). 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 messages are chained, ie, field 28E does not contain ONLY, this field must contain the sum of all occurrences of field 19 in the chained messages. EXAMPLE
message 1: :28E:1/MORE :19:10000, message 2: :28E:2/MORE :19:5000, message 3: :28E:3/LAST :32A:990106USD18000, :19:3000,
or
message 1: :28E:1/ONLY :32A:990106USD12500
19.
Field 57a: Account With Institution (for Settlement) FORMAT Option A Option C Option D [/1!a][/34x] 4!a2!a2!c[3!c] /34x [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Party Identifier) (Name & Address)
PRESENCE Optional
150
MT 206
DEFINITION This field identifies the account with institution at which the Sender wants to have the funds credited. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC ZA 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portugese National Clearing Code UK Domestic Sort Code South African National Clearing Code
151
HK IE IN IT PT RU SC SW SW ZA
3!n 6!n 11!c 10!n 8!n 9!n 6!n 3..5n 6!n 6!n
Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portugese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT BICs, Masters, Synonyms, Live destinations and Test & Training destinations. (Error code(s): C05). USAGE RULES This field may only be used where the settlement is not following the same route as the cheque truncation 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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. EXAMPLE :57A:MIDLGB2L 20. Field 58B: Beneficiary Institution's Account (for Settlement) FORMAT Option B [/1!a][/34x] [35x] (Party Identifier) (Location)
152
MT 206
PRESENCE Optional DEFINITION This field specifies the account number of the financial institution which is the ultimate recipient of the funds being transferred. USAGE RULES The Party Identifier is to be used to specify the account to be credited, where: there are multiple direct account relationships in the currency of the transaction between the Sender and account with institution one of these accounts is to be used for reimbursement there is no bilaterally agreed account.
EXAMPLE :58B:/123-45678 21. Field 19: Settlement Amount FORMAT 17d PRESENCE Conditional (C5) DEFINITION If messages are chained, ie, field 28E does not contain the code ONLY, this field contains the settlement amount for this message. NETWORK VALIDATED RULES 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, if present (Error code(s): C03, T40, T43). EXAMPLE :28E:9/MORE :32J:5300 :32J:5000 :19:10300, (Amount)
153
MT 206 Mapping
Mapping of an MT 206 into a subsequent MT 206 (Receiver of first MT 206 becomes Sender of the second MT 206)
MT 206
S 20 28E ... 32A 57a 58a 19 R
MT 206
S 20 28E ... 32A 57a 58a 19 R
D0020016
Mapping of an MT 206 into a subsequent MT 202. (The Receiver of the MT 206 has a direct account relationship with the account with institution of the Sender in field 57a.)
MT 206
S 20 32A 57a 58a R
MT 202
S 20 21 32A 58a R
D0020017
Mapping of an MT 206 into a subsequent MT 202. (The Receiver of the MT 206 has no direct account relationship with the account with institution of the Sender in field 57a.)
154
MT 206
MT 206
S 20 32A 57a 58a
MT 202
S 20 21 32A 57a* 58a
R*
R*
D0020018
* If there is no direct account relationship between the party specified in field 57a of the MT 206 and the Receiver of the MT 206, then the Receiver of the related MT 202 becomes the common correspondent between the party specified in field 57a of the MT 206 and the Receiver of the MT 206. The party specified in field 57a of the MT 206 becomes field 57a of the related MT 202.
MT 206 Examples
Example 1 Travellers Cheques sent via an MT 206 with an Account With Institution Narrative On December 1st 1998, Standard Bank of South Africa, Johannesburg (SBZAZAJJ), encashes and truncates the following Thomas Cook travellers cheques:
TRN Cheque 1 Cheque 2 Cheque 3 Cheque 4 Cheque 5 Cheque 6 981201ABCD123456 9812010EFGH111123 9812010IJKL235693 981201ZZZZ123456AA 981201XXXX258950 981201YYYY569333 Cheque Number GB11111111 HB22222222 EB33333333 GB66666666 HB88888888 EB99999999 Amount GBP20, GBP50, GBP10, GBP20, GBP50, GBP10,
155
Standard Bank of South Africa wants the funds to be remitted on its account (555-888-9) with Natwest, London (NWBKGB2L) with value date 981207. Since Thomas Cook, London, has a multiple direct account relationship with Midland Bank, London (MIDLGB22), it will reimburse SBZAZAJJ using their account 123456 held with Midland Bank. As per its bilateral agreement, SBZAZAJJ safekeeps the original paper cheques. For the purpose of this example, two MT 206 are sent, each containing three items. Message A SWIFT MT 206 Cheque Truncation Message Information Flow
Tony Baloney
(MT 910/950)
57
MT
MT 206
156
D0020010
Receiver/ Issuer
(MT 202)
MT 206
Explanation Sender Message type Receiver Message text Sender's reference Message index/total Cheque type Safekeeper Transaction reference number Cheque number Cheque amount Date of issue/encashment Transaction reference number Cheque number Cheque amount Date of encashment Transaction reference number Cheque number Cheque amount Date of encashment Settlement amount End of message text/trailer SBZAZAJJ 206 (1) COOKGB22
Format
:20:981201123456AA :28E:1/MORE :23E:TRAV :52A:SBZAZAJJ :44A:981201ABCD123456 :21D:GB11111111 :32J:20, :30:981201 :44A:9812010EFGH111123 :21D:HB22222222 :32J:50, :30:981201 :44A:9812010IJKL235693 :21D:EB33333333 :32J:10, :30:981201 :19:80,
157
Explanation Sender Message type Receiver Message text Sender's reference Message index/total Cheque type Safekeeper Transaction reference number Cheque number Cheque amount Date of encashment Transaction reference number Cheque number Cheque amount Date of encashment Transaction reference number Cheque number Cheque amount Date of encashment Value date, currency code and sum of settlement amounts Account with institution Beneficiary institution's account Settlement amount End of message text/trailer SBZAZAJJ 206 (2) COOKGB22
Format
:20:981201123456AA :28E:2/LAST :23E:TRAV :52A:SBZAZAJJ :44A:981201ZZZZ123456AA :21D:GB66666666 :32J:20, :30:981201 :44A:981201XXXX258950 :21D:HB88888888 :32J:50, :30:981201 :44A:981201YYYY569333 :21D:EB99999999 :32J:10, :30:981201 :32A:981207GBP160,
158
MT 206
Beneficiary Institution
(MT 910/950) 58
57
Sender
MT
MT 202
Explanation Sender Message type Receiver Message text Transaction reference number COOKGB22 202 MIDLGB22
Format
:20:IPD/00001/PAIDS
D0020011
159
Explanation Related reference Value date, currency code and amount Sender's correspondent Account with institution Beneficiary institution End of message text/trailer
Example 2 General Cheques sent via an MT 206 Narrative On 8 January 2002, the following cheques are truncated by the Fortis Bank, Brussels (GEBABEBB): Cheque 1: Kreissparkasse in Siegburg (WELADED1), EUR 1000, cheque number 0007206657588 account 3869999 issued on 011212 in Oostende in favour of CMB, reference 3855026. Cheque 2: Stadtsparkasse in Dusseldorf (DUSSDEDD), EUR 500, cheque number 000721111 account 45678912 issued on 011214 in Namur in favour of Sofitel Wepion, reference 3855027.
TRN Cheque 1 Cheque 2 3855026 3855027 Cheque Number 0007206657588 0000721111 Amount EUR1000, EUR500, Issuer's A/C 3869999 45678912
Handling of the cheques is centralised in Fortis Bank, Brussels which truncates these cheques and sends them that same day to its German correspondent, Westdeutsche Landesbank Girozentrale, Dusseldorf (WELADEDD). There exists a bilateral agreement between Fortis Bank, Brussels and Westdeutsche Landesbank Girozentrale, Dusseldorf. As per this agreement, for cheques in euro, the Westdeutsches euro account held with Fortis Bank, Brussels will be debited with value date D+4.
160
MT 206
Information Flow
Sender
MT
MT 206
Receiver
(MT 206)
Explanation Sender Message type Receiver Message text Sender's reference Message index/total Cheque type GEBABEBB 206 WELADEDD
Format
D0020012
Stadtsparkasse Dusseldorf
161
Explanation Cheque truncation indicator Safekeeper Transaction reference number Cheque number Cheque amount Issuer's financial institution Issuer's Account Number/Code Transaction reference number Cheque number Cheque amount Issuer's financial institution Issuer's account number/code Value date, currency code and total settlement amount End of message text/trailer :17A:Y :52A:GEBABEBB :44A:3855026
Format
:21D:0007206657588 :32J:1000, :58A:WELADED1 :25:3869999 :44A:3855027 :21D:000721111 :32J:500, :58A:DUSSDEDD :25:45678912 :32A:020114EUR1500,
MT 206 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:
162
MT 206
Set out the procedure to follow when there is a discrepancy between the code line and another field, eg, 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.
Responsibility
Endorsement issue Agree on procedures to follow, eg, 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, eg, 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, eg, 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.
163
Paper cheque
Specify which party must safekeep the original Agree the period the original must be kept 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 Define the charging period, eg, once a month 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 MT 206, ie, field 57a is not present, the MT 206 can be used as a financial message to request to credit the account of the Sender automatically. If field 57a is present, an MT 202 must be sent to the party specified in that field. Whatever the agreement, transactions contained in a message will always be booked as a single entry.
Administration
Define the contact address, eg, postal address, department, telephone number, fax number, to be used in the event of questions.
164
MT 206
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, ie, date when the funds are available to the Beneficiary. Agree the time frames for sending back charges. Determine the period in which items may be returned/dishonoured, and how such items should be conveyed, eg, 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.
165
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, eg, a subsidiary account. It can be used to order the movement of funds: between the ordering institution's accounts, or in favour of a third party, either domestically or internationally.
The message is sent by a financial institution on behalf of the ordering financial institution, ie, 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:
166
MT 207
Initiating Institution
51A
52G
Ordering Institution
Request
Sender
Funds
MT
MT 207
Receiver
Funds
Funds Intermediary
56a
57a
Funds
Beneficiary Institution 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:
D0020020
167
If the following party is missing Account servicing institution Intermediary Account with institution
Mandatory Sequence A General Information M O M M O M O O 20 21R 28D 30 51A 52G 52a 72 Sender's Reference Specified Reference of the Ordering Institution Message Index/Total Requested Execution Date Initiating Institution Ordering Institution Account Servicing Institution Sender to Receiver Information 16x 16x 5n/5n 6!n [/1!a][/34x] 4!a2!a2!c[3!c] /34x 4!a2!a2!c[3!c] A or C 6*35x 1 2 3 4 5 6 7 8
-----> Mandatory Repetitive Sequence B Transaction Details M ----> O 23E Instruction Code 4!c[/30x] 10 21 Transaction Reference 16x 9
168
MT 207
Tag
Field Name
Content/Options
No.
3!a15d A or D A, C or D A or D
11 12 13 14
M = Mandatory O = Optional
169
NETWORK VALIDATED RULES This field must not start or end with a slash / and must not contain two consecutive slashes // (Error code(s): T26).
170
MT 207
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. 3. Field 28D: Message Index / Total FORMAT Option D PRESENCE Mandatory 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. 4. Field 30: Requested Execution Date FORMAT 6!n PRESENCE Mandatory DEFINITION This field specifies the date on which all subsequent transactions should be initiated by the executing bank. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). USAGE RULES This is the date on which the ordering institution's account is to be debited. (Date) 5n/5n (Message Index)/(Total)
171
5.
Field 51A: Initiating Institution FORMAT Option A [/1!a][/34x] 4!a2!a2!c[3!c] (Party Identifier) (BIC)
PRESENCE Optional DEFINITION This field identifies the institution which is authorised by the ordering institution/account servicing institution to order all the transactions in the message. NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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. Optional Party Identifier must not be used. 6. Field 52G: Ordering Institution FORMAT Option G /34x 4!a2!a2!c[3!c] (Account) (BIC)
PRESENCE Mandatory DEFINITION This field identifies the account owning financial institution whose account is to be debited with all transactions in sequence(s) B. NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45).
172
MT 207
The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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. BIC contains the identification of the ordering institution. 7. Field 52a: Account Servicing Institution FORMAT Option A Option C PRESENCE Optional 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 Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash (//): with option A:
AT AU BL CC ES FW GR HK IE IN 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC)
173
IT PT SC
Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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.
174
MT 207
Option A is the preferred option. If the account servicing institution cannot be identified by a BIC, option C should be used containing a 2!a clearing system code preceded by a double slash //. 8. Field 72: Sender to Receiver Information FORMAT 6*35x (Narrative - Structured Format )
The following line formats must be used: Line 1 Lines 2-6 /8c/[additional information] [//continuation of additional information] or [/8c/[additional information]]
PRESENCE Optional DEFINITION This field specifies additional information for the Receiver, ie, Sender of the original message regarding the reason for a return, ie, reversal, rejection or revocal. CODES The codes REJT or RETN must be used in this field in the first position of the first line, placed between slashes (/). It is mandatory to follow the Generic Payment Reject Mechanism described in Standards Usage Guidelines. NETWORK VALIDATED RULES The first element in line 1 must contain either code /RETN/ or /REJT/ (Error code(s): D82). 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 (ie, sequence B), the MT 295 should be used as per the Standards Usage Guidelines. 9. Field 21: Transaction Reference FORMAT 16x PRESENCE Mandatory
175
DEFINITION This field specifies the unambiguous reference for the individual transaction contained in a particular occurrence of sequence B. NETWORK VALIDATED RULES 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. 10. Field 23E: Instruction Code FORMAT Option E PRESENCE Optional DEFINITION This field specifies instructions for the subsequent parties in the transaction chain. CODES One of the following codes must be used (Error code(s): T47).
CMSW CMTO This transaction contains a cash management instruction, requesting to sweep the account of the ordering institution. 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. This transaction contains a cash management instruction, requesting to zero balance the account of the ordering institution. This transaction contains a payment that is made in settlement of a trade, eg, foreign exchange deal, securities transaction. This transaction contains a payment that should be settled via a net settlement system, if available. Used for bilaterally agreed codes/information. The actual bilateral code/information needs to be specified in Additional Information.
4!c[/30x]
176
MT 207
PHON
This transaction requires the beneficiary to be contacted by telephone and should be followed by the appropriate telephone number. This code is meant for the institution closest to the beneficiary institution This transaction contains a payment that should be settled via a real time gross settlement system, if available. This transaction contains a time sensitive payment which should be executed in an expeditious manner.
RTGS URGP
NETWORK VALIDATED RULES 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).
CMSW CMSW CMTO CORT CORT CORT NETS with with with with with with with CMTO CMZB CMZB CMSW CMTO CMZB RTGS
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) information codes ( OTHR)
177
11.
Field 32B: Currency/Transaction Amount FORMAT Option B PRESENCE Mandatory DEFINITION This field specifies the currency and amount of the subsequent transfer to be executed by the Receiver. NETWORK VALIDATED RULES 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). 3!a15d (Currency) (Amount)
12.
Field 56a: Intermediary FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field specifies the financial institution between the Receiver and the account with institution, through which the transaction must pass. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash (//): with option A:
178
MT 207
AT AU BL CC ES FW GR HK IE IN IT PT SC
5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n
Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
179
SC SW SW
UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code)
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A is the preferred option. Option D must only be used when there is a need to be able to specify a name and address, eg, due to regulatory considerations. 13. Field 57a: Account With Institution FORMAT Option A Option C Option D [/1!a][/34x] 4!a2!a2!c[3!c] /34x [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Party Identifier) (Name & Address)
180
MT 207
DEFINITION This field specifies the financial institution - when other than the Receiver - which services the account for the beneficiary institution. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash (//): with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
181
IE IN IT PT RU SC SW SW
Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code)
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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. Option A is the preferred option. Option D must only be used when there is a need to be able to specify a name and address, eg, due to regulatory considerations. 14. Field 58a: Beneficiary Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Mandatory
182
MT 207
DEFINITION This field specifies the beneficiary financial institution of the subsequent operation from the particular occurrence of sequence B. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used preceded by a double slash (//): with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
183
IE IN IT PT RU SC SW SW
Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code)
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A is the preferred option. Option D must only be used when there is a need to be able to specify a name and address, eg, due to regulatory considerations.
MT 207 Examples
Narrative The Canadian Imperial Bank of Commerce, Canada (CIBCCATT) owns a euro account (account number 123456) at Deutsche Bank, Frankfurt (DEUTDEFF).
184
MT 207
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 Sender Message type Receiver Message text - General Information Senders Reference Message Index/Total Requested Execution Date :20:ABCDEF :28D:1/1 :30:020110 DEUTCATT 207 DEUTDEFF
Format
185
Explanation Ordering Institution Message text - Transaction Details 1 Transaction Reference Instruction Code Currency/Transaction Amount Beneficiary Institution End of message text/trailer :21:REFBOF123 :23E:RTGS :52G:/123456 CIBCCATT
Format
:32B:EUR500000, :58A:BBVAESMM
186
MT 210
187
C3
The currency code must be the same for all occurrences of field 32B in the message (Error code(s): C02).
188
MT 210
USAGE RULES This field is used when the Receiver services more than one account for the Sender. 3. Field 30: Value Date FORMAT 6!n PRESENCE Mandatory DEFINITION This field contains the value date of all incoming funds specified in this message. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). 4. Field 21: Related Reference FORMAT 16x PRESENCE Mandatory DEFINITION This field contains the content of field 20 Transaction Reference Number, or other reference, eg, Common Reference, of the related transaction. NETWORK VALIDATED RULES This field must not start or end with a slash / and must not contain two consecutive slashes // (Error code(s): T26). EXAMPLE :21:ref1234 5. Field 32B: Currency Code, Amount FORMAT Option B PRESENCE Mandatory 3!a15d (Currency) (Amount) (Date)
189
DEFINITION This field specifies the currency and amount to be received. NETWORK VALIDATED RULES 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). 6. Field 50a: Ordering Customer FORMAT Option C No option letter PRESENCE Conditional (C2) DEFINITION This field specifies the ordering party when it is not a financial institution. NETWORK VALIDATED RULES The BIC must be a BEI. Please refer to the latest version of the BIC Directory - Corporations for more information on BEIs. (Error code(s): T27, T28, T29, T45, E57). 7. Field 52a: Ordering Institution FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address) 4!a2!a2!c[3!c] 4*35x (BEI) (Name & Address)
PRESENCE Conditional (C2) DEFINITION This field specifies the ordering party when it is a financial institution. CODES Party Identifier may be used to indicate a national clearing system code.
190
MT 210
The following codes may be used preceded by a double slash (//): with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code
191
SC SW SW
UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code)
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A is the preferred option. Option D should only be used when the ordering financial institution has no BIC. 8. Field 56a: Intermediary FORMAT Option A Option D [/1!a][/34x] 4!a2!a2!c[3!c] [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field specifies the financial institution from which the Receiver is to receive the funds. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
192
MT 210
AT AU BL CC ES FW GR HK IE IN IT PT SC ZA
5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n
Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portuguese National Clearing Code UK Domestic Sort Code South African National Clearing Code
193
SW SW ZA
Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a 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.
MT 210 Examples
Narrative Value 22 February 1998, 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. The funds will be paid through Citibank, New York. Berliner Bank sends an MT 210, using reference 318393.
194
MT 210
Information Flow
(MT 300) Ordering Institution (MT 300) Crdit Suisse 52a Zurich
Intermediary
MT
56a MT 210
(MT 205*)
Receiver
Explanation Sender Message type Receiver Message text Transaction reference number Value Date Related reference (1) :20:318393 :30:980222 BEBEDEBB 210 CHASUS33
Format
:21:BEBEBB0023CRESZZ
195
Explanation Currency code and amount Ordering institution Intermediary (2) End of message text/trailer
Note: (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.
196
MT 256
MT 256 Scope
This message is sent by the Receiver of one or more MT 206s. It is used to inform the Sender of (a) previously sent MT 206(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.
Mandatory Sequence A Common Elements M O 20 21 Sender's Reference Related Message Reference 16x 16x 1 2
----->Mandatory Repetitive Sequence B Cheque Details M O O O M 44A 21 21D 21E 23E Transaction Reference Number Related Message Reference Cheque Number Cheque Reference Number Reason for Non-Payment/Dishonour 65x 16x 35x 35x 4!c[/30x] 3 4 5 6 7
197
Status M O O O O
Tag 32J 37J 71G 71F 71H Cheque Amount Interest Rate Interest Charges Sender's Charges
Content/Options
No. 8 9 10 11 12
-----| Mandatory Sequence C Settlement Details M O O O O O O O 32A 30 19 71J 71L 71K 57a 58B Value Date, Currency Code and Total Amount Claimed Original Value Date Total Cheque Amount Sum of Interest Charges Sum of Sender's Charges Sum of Issuer's Financial Institution Charges Account With Institution (for Settlement) 6!n3!a15d 6!n 17d 3!a15d 3!a15d 3!a15d A, C or D 13 14 15 16 17 18 19 20
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).
198
MT 256
C3 C4 C5 C6 C7
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). 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). If no changes are included, field 32A in sequence C contains the sum of the amounts of all fields 32J in sequence B. Field 19 must not be present (Error code(s): D80). 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). Field 21 must be present either in sequence A, or in all occurrences of sequence B (Error code(s): E28).
If field 21 in sequence A is Present Not present If field 21 in sequence B is Present Not present then field 21 in sequence B is Not allowed Mandatory in all occurrences then field 21 in sequence A is Not allowed Mandatory
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).
If field 71F in sequence B is Present in any occurrence Not present in any occurrence then field 71L in sequence C is Mandatory Not allowed
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).
If field 71G in sequence B is Present in any occurrence Not present in any occurrence then field 71J in sequence C is Mandatory Not allowed
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).
199
If field 71H in sequence B is Present in any occurrence Not present in any occurrence
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).
200
MT 256
NETWORK VALIDATED RULES This field must not start or end with a slash / and must not contain two consecutive slashes // (Error code(s): T26). EXAMPLE :20:oref1000 2. Field 21: Related Message Reference FORMAT 16x PRESENCE Conditional (C7) DEFINITION This field contains the Sender's reference of the previously received MT 206 Cheque Truncation Message, ie, field 20 of the original MT 206. NETWORK VALIDATED RULES This field must not start or end with a slash / and must not contain two consecutive slashes // (Error code(s): T26). EXAMPLE :21:ref1234 3. Field 44A: Transaction Reference Number FORMAT Option A PRESENCE Mandatory DEFINITION This field contains the TRN, field 20 of the previously received MT 206, generated by the beneficiary's financial institution, which identifies the transaction that this dishonoured cheque represents. EXAMPLE :44A:abc12354 65x
201
4.
Field 21: Related Message Reference FORMAT 16x PRESENCE Conditional (C7) DEFINITION This field contains the Sender's reference of the previously received MT 206 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. NETWORK VALIDATED RULES This field must not start or end with a slash / and must not contain two consecutive slashes // (Error code(s): T26). EXAMPLE :21:ref1234
5.
Field 21D: Cheque Number FORMAT Option D PRESENCE Optional 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 MT 206. EXAMPLE :21D:9987434 35x
6.
202
MT 256
PRESENCE Optional 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 MT 206. EXAMPLE :21E:888014612 7. Field 23E: Reason for Non-Payment/Dishonour FORMAT Option E PRESENCE Mandatory DEFINITION This field indicates why a cheque was dishonoured. CODES Code must contain one of the following codes (Error code(s): T47):
AMAM AMTL CLOS COLN DRAW DUPL FRAU FROZ FRWD INCH Amount exceeds the amount limit allowed for this account. Amount exceeds the truncation limit as defined in the bilateral agreement (min. or max. amount). Closed account. Error in code line. Refer to drawer. Duplicate cheque information. Fraudulent cheque. (Legally) Frozen account. Forward dated cheque. Cheque number invalid.
4!c[/30x]
(Code) (Narrative)
203
Insufficient funds. Insufficient information. Account number invalid. Cheques not eligible for truncation. Currency and account do not match. Other followed by a bilaterally agreed code to specify a reason which is not covered by the above. Revocation. Stale cheque, ie, deposited too late relative to the issue date. Stop payment of a cheque.
NETWORK VALIDATED RULES 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 8. Field 32J: Cheque Amount FORMAT Option J PRESENCE Mandatory DEFINITION This field contains the amount specified on the dishonoured cheque. NETWORK VALIDATED RULES 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 MT 206. 15d (Amount)
204
MT 256
EXAMPLE :32J:100000, 9. Field 37J: Interest Rate FORMAT Option J PRESENCE Optional DEFINITION This field specifies the interest rate to be collected from the Sender of the MT 206. NETWORK VALIDATED RULES 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). 10. Field 71G: Interest Charges FORMAT Option G PRESENCE Conditional (C1) DEFINITION This field specifies the currency and the interest charges due to the Sender of the MT 256. NETWORK VALIDATED RULES 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, 3!a15d (Currency) (Amount) 12d (Rate)
205
11.
Field 71F: Sender's Charges FORMAT Option F PRESENCE Optional 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. NETWORK VALIDATED RULES 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, 3!a15d (Currency) (Amount)
12.
Field 71H: Issuer's Financial Institution Charges FORMAT Option H PRESENCE Optional DEFINITION This field specifies the currency and the charges due to the issuer's financial institution, for the above specified reason. NETWORK VALIDATED RULES 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, 3!a15d (Currency) (Amount)
206
MT 256
13.
Field 32A: Value Date, Currency Code and Total Amount Claimed FORMAT Option A PRESENCE Mandatory 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. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). 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!n3!a15d (Date) (Currency) (Amount)
14.
Field 30: Original Value Date FORMAT 6!n PRESENCE Optional DEFINITION This field specifies the value date that appeared on the related MT 206. NETWORK VALIDATED RULES Date must be a valid date expressed as YYMMDD (Error code(s): T50). 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, ie, when back-valuing is applied, no separate fields must be used to indicate the interest charges. EXAMPLE :30:980108 (Date)
207
15.
Field 19: Total Cheque Amount FORMAT 17d PRESENCE Conditional (C5, C6) DEFINITION This field specifies the sum of all occurrences of field 32J in sequence B. NETWORK VALIDATED RULES 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, (Amount)
16.
Field 71J: Sum of Interest Charges FORMAT Option J PRESENCE Conditional (C9) DEFINITION This field specifies the currency and the sum of all occurrences of field 71G in sequence B. NETWORK VALIDATED RULES 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, 3!a15d (Currency) (Amount)
208
MT 256
17.
Field 71L: Sum of Sender's Charges FORMAT Option L PRESENCE Conditional (C8) DEFINITION This field specifies the currency and the sum of all occurrences of field 71F in sequence B. NETWORK VALIDATED RULES 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, 3!a15d (Currency) (Amount)
18.
Field 71K: Sum of Issuer's Financial Institution Charges FORMAT Option K PRESENCE Conditional (C10) DEFINITION This field specifies the currency and the sum of all occurrences of field 71H in sequence B. NETWORK VALIDATED RULES 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, 3!a15d (Currency) (Amount)
209
19.
Field 57a: Account With Institution (for Settlement) FORMAT Option A Option C Option D [/1!a][/34x] 4!a2!a2!c[3!c] /34x [/1!a][/34x] 4*35x (Party Identifier) (BIC) (Party Identifier) (Party Identifier) (Name & Address)
PRESENCE Optional DEFINITION This field identifies the account with institution at which the Sender wants to have the funds (re)credited. CODES Party Identifier may be used to indicate a national clearing system code. The following codes may be used, preceded by a double slash //: with option A:
AT AU BL CC ES FW GR HK IE IN IT PT SC ZA 5!n 6!n 8!n 9!n 8..9n 7!n 3!n 6!n 11!c 10!n 8!n 6!n 6!n Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number Spanish Domestic Interbanking Code HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portugese National Clearing Code UK Domestic Sort Code South African National Clearing Code
210
MT 256
AT AU BL CC CH CP ES FW GR HK IE IN IT PT RU SC SW SW ZA
5!n 6!n 8!n 9!n 6!n 4!n 8..9n 9!n 7!n 3!n 6!n 11!c 10!n 8!n 9!n 6!n 3..5n 6!n 6!n
Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number CHIPS Universal Identifier CHIPS Participant Identifier Spanish Domestic Interbanking Code Fedwire Routing Number HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Portugese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) South African National Clearing Code
NETWORK VALIDATED RULES The BIC must be a SWIFT registered address, either connected or non-connected (Error code(s): T27, T28, T29, T45). The BIC must not be a BEI. Please refer to the latest version of the BIC Directory Corporations for more information on BEIs. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT 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 A must be used whenever possible. Option D must only be used in exceptional circumstances, ie, when the party cannot be identified by a BIC and when there is a bilateral agreement between the Sender and the Receiver
211
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. EXAMPLE :57A:MIDLGB2L 20. Field 58B: Beneficiary Institution's Account (for Settlement) FORMAT Option B [/1!a][/34x] [35x] (Party Identifier) (Location)
PRESENCE Optional DEFINITION This field specifies the account number of the financial institution which is the ultimate recipient of the funds being (re)transferred (i.e. the Receiver of the MT 206). USAGE RULES Party Identifier is to be used to specify the account to be credited, where there are multiple direct account relationships in the currency of the transaction between the Sender and account with institution one of these accounts is to be used for reimbursement there is no bilaterally agreed account.
EXAMPLE :58B:/123-45678
MT 256 Mapping
Mapping of an MT 206 into a subsequent MT 256 (Receiver of the MT 206 becomes Sender of the MT 256).
212
MT 256
MT 206
20 28E 23E 17A 52a
MT 256
20 21*
57a 58a
* If the MT 256 is a reply to several different MT 206s, ie, with differing fields 20, then field 20 of this MT becomes field 21 in Sequence B of the MT 256.
MT 256 Examples
Narrative On December 10, 1998, Thomas Cook, London informs Standard Bank of South Africa, Johannesburg that the following travellers cheques are dishonoured in the MT 206 it received from Standard Bank of South Africa (message reference 981201123456AA).
D0020019
213
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 MT 206 (original value date 981207). Information Flow
Sender
(MT 910/950)
Receiver
(MT 202)
Format
214
D0020014
MT 256
Explanation Message Text Sender's Reference Related Message Reference Transaction Reference Number Cheque Number Reason for Non-Payment/Dishonour Cheque Amount Transaction Reference Number Cheque Number Reason for Non-Payment/Dishonour Cheque Amount Value Date, Currency Code and Total Amount Claimed Account With Institution Beneficiary Institution's Account End of Message Text/Trailer
Format
:20:IPD/S0001/PAIDS :21:981201123456AA :44A:981201IJKL235693 :21D:EB33333333 :23E:STOP :32J:10, :44A:981201ZZZZ123456AA :21D:GB66666666 :23E:INCH :32J:20, :32A:981207GBP30,
:57A:MIDLGB22 :58B:/123456
MT 256 Checklist
For a checklist of topics that should be included in bilateral or multilateral agreements for processing truncated cheques, see MT 206 Checklist.
215
216
MT 291
217
218
MT 295
MT 295 Queries
Please refer to Category n Common Group Messages, Chapter n95 Queries for details concerning this message type.
219
MT 296 Answers
Please refer to Category n Common Group Messages, Chapter n96 Answers for details concerning this message type.
220
MT 298
221
222
Glossary of Terms
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: Available Funds Funds available for transfer or withdrawal in cash. 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 Interbank Payments System) A private telecommunications payment service operated by the New York 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 Number) A unique number identifying a CHIPS participant. The first four digits are the participant's number, followed by a one digit group identifier. For S.W.I.F.T. 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. Cover Payment The reimbursement of a correspondent bank for a payment. Federal Funds US dollars on deposit at a Federal Reserve Bank in the United States. Fedwire A payment service operated by the US Federal Reserve System as a private wire network for transfers between financial institutions having accounts at the Federal Reserve Bank. 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.
223
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. Instructing Party The party instructing the Sender to execute a transaction. Originator Initiator of the transfer instructions. Equivalent to the ordering institution (field 52a) in the MT 202. Originator's Institution Identifies the financial institution which is acting for the originator of the transfer. Remitter The party which is the source of funds in a payment order. 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. Settlement A transfer of funds to complete one or more prior transactions made, subject to final accounting.
224