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SWIFT is a company that operates and manages a network that connects banks and other financial institutions. Through this network (Also-Known-As SWIFTnet) information can be exchanged using special crafted messages known as Message-Types (MT). The MT 103 is a specific message format used mainly for transferring information about money between customers of different banks or other similar financial institutions (ie credit card operators). http://www.swift.com/index.cfm?item_id=60135 says: In the MT portfolio for customer payments to be sent by financial institutions, the MT 103 and the MT 103+ are the de facto standards used in cross-border traffic for single customer credit transfers.
Where can you find a list of Swift Message Types and formats?
2008-10-31 This is what I found useful (also found a lot of useless): - www.swift.com charges money for the handbook. - free resources: List of message types: http://www.swift.com/index.cfm?item_id=60004 (www.swift.com Updated 22 August 2008) Inventory of MT and MX messages The complete list of all SWIFTStandards (above link with item_id=60538) => ListOfMessagesAugust2008.pdf The list of SWIFTStandards MX used in SWIFTSolutions (above link with item_id=60538)
MT103 has all information about source and destination, with all details. MT202 only has information about source's and destination's banks and refers the MT103 (MT202 Field 21-Related Reference- has to be equal to MT103 Field 20-Transaction Reference Number). (MT202 with Field 21 equal to it's own Field 20 is special for inter-bank transfers, no customers involved.) So, the 2 usual flows would look like: Source ------|--> Corresp --|--> ...... --|--> Corresp --|--> Destination
F1. MT103 -------------------------------------------------------> F1. MT202 --|--> MT202 ---|--> ...... --|--> MT202 ----|--> F2. MT103 --|--> MT103 ---|--> ...... --|--> MT103 ----|--> (ansi graphics still best) Some FREE resources i found (www.swift.com charges for the handbook):
EU: http://www.globalpolicy.org/socecon/glotax/currtax/2005/11euimplement.pdf Canada: http://www.cdnpay.ca/publications/pdfs_publications/prd_002.pdf HK: http://hkieb.com/download/HKIEB%20-%20E-Payment%20in%20HK_20040827.pdf Switzerland: http://www.ubs.com/1/ShowMedia/bank_for_banks/offering/securities/processing?contentId=28371& name=SWIFT_ForGuiMee_e4GzD.pdf Many: http://www.bis.org/publ/cpss53.pdf US anti money laundering: http://www.roberthalfmr.com/External_Sites/downloads/RHMR/rhmrus/RHMR_Link/financial_reporting/ProtivitiAMLFAQGuidev2.pdf