What is Field 72 in a swift message?

Field 72: Sender to Receiver Information is a field in MT 700 swift message type that specifies additional information for the Receiver. This is an optional field. One or more of the following codes may be used: PHONBEN Please advise/contact beneficiary by phone.

What is a MT103 72?

MT 103/72 is the new form of an MT 103/23. This is a conditional payment. The condition that will be in the field (72) will state that the MT103 Conditional payment is contingent upon Assay and shipping documents being provided in accordance with terms of the Contract Number.

What is MT103 bank transfer?

What is an MT103? An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via Money Mover. MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.

What is MT103 and MT202?

MT103 is the direct payment order to the beneficiary’s bank that results in the beneficiary’s account being credited a specific funding amount. The MT202 COV is the bank-to-bank order that instructs funds movement in alignment with the MT103 messages. The MT202 is the original standard message format.

Is an MT103 irrevocable?

An MT103 is not merely payment information. However, once payment is made on the instructions contained in an MT103, it is irrevocable and the obligation of the sending bank to reimburse the receiving bank is fully operative.

What is Field 70 in a swift message?

The field 70 (:70:/INV/18042-090715) contains the remittance information. Usually the remittance information is generated by the beneficiary and sent to the ordering customer (or debtor).

What is Field 20 in a swift message?

Field 20: Documentary Credit Number is a field in MT 700 swift message that is used to indicate the letter of credit number. This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.

Who can send MT103?

Scope of the message MT103 This message type is sent by or on behalf of the financial institution of the ordering customer, directly or through (a) correspondent(s), to the financial institution of the beneficiary customer.

Can MT 103 be Cancelled?

(e) cancellation of an MT 103 STP can occur but a bank which wishes to cancel, has to send a message requesting the recipient of the MT 103 STP to consider cancellation and, if payment has already been made pursuant to the instruction, to seek the consent of the beneficiary to reverse the payment it has received.

Who can send MT 202?

Scope of the message MT202 This message is sent by or on behalf of the ordering institution directly, or through correspondent(s), to the financial institution of the beneficiary institution. All parties identified in the message must be financial institutions.

Is MT103 reversible?

Are MT-103’s Reversible? No. Once a MT-103 has been made, it is not reversible.

What do you need to know about a MT103?

What is an MT103? An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via Money Mover. MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.

What are the fields in MT103 transaction code?

MT103 fields Field Field Name :20 Transaction Reference Number :23B Bank Operation Code :32A Value Date / Currency / Interbank Settle :33B Currency / Original Ordered Amount

What does field 72 in Mt 103 stand for?

Field 72: Special OWHBDEFF Code /SPLIT/ + Field 71A = SHA or OUR = Charges of ordering customer institution to be paid by ordering customer, all other charges to be paid by beneficiary. No REPAIR Charges will apply.

Why do I need MT103 confirmation for payments?

Having direct access to MT103s for each of your payments gives you greater control and information. You have confirmation that your payment has been sent, including all the important details such as recipient information and payment amount.