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SWIFT MTs explained

SWIFT MTs explained

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Published by amalf
CANADIAN PAYMENTS ASSOCIATION ASSOCIATION CANADIENNE DES PAIEMENTS PROCEDURAL REFERENCE DOCUMENT PRD-002 PROCEDURES FOR FOREIGN CURRENCY TRANSFERS WITHIN CANADA Payment Services Division
CANADIAN PAYMENTS ASSOCIATION ASSOCIATION CANADIENNE DES PAIEMENTS PROCEDURAL REFERENCE DOCUMENT PRD-002 PROCEDURES FOR FOREIGN CURRENCY TRANSFERS WITHIN CANADA Payment Services Division

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Published by: amalf on Aug 29, 2008
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06/01/2013

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PROCEDURES FOR FOREIGN CURRENCYTRANSFERS WITHIN CANADACANADIAN PAYMENTS ASSOCIATIONASSOCIATION CANADIENNE DES PAIEMENTSPROCEDURAL REFERENCE DOCUMENT PRD-002
Payment Services DivisionSeptember 2003
© CANADIAN PAYMENTS ASSOCIATION© ASSOCIATION CANADIENNE DES PAIEMENTS
 
September 2003PROCEDURES FOR FOREIGN CURRENCY TRANSFERS PRD-002WITHIN CANADA
Page 1
INTRODUCTION
1. Members within Canada, shall provide S.W.I.F.T. transfer of foreigncurrencies to other Members within Canada in accordance with the procedures detailed in the following sections. “Members” refers to bothCanadian Banks and Non-bank financial institutions acting on their own behalf or on behalf of their foreign branches, affiliates and/or subsidiaries.A current list of Members can be found in Appendix I.Members may request that all foreign currency items be settled viaS.W.I.F.T.
CUT-OFF TIME
 2. Requests sent by S.W.I.F.T. must be received by 17:00 hours Eastern Timeone business day prior to value date.The stated agreement does not preclude Members from making bilateralarrangements for later cut-off times.
FORMAT OFREQUEST
 3. Requests to Members designated in Appendix II shall be made by:a.S.W.I.F.T. MT103 (Customer Transfer) - where one of the partiesis not a financial institution defined by S.W.I.F.T. Refer toAppendix III for examples and format; or  b.S.W.I.F.T. MT202 (FI transfer) Refer to Appendix III for examples and format.
FOREIGNCURRENCYCOVER 
4. Cover is to be provided by S.W.I.F.T. MT 202 in the formats illustrated inAppendix III in favour of the receiving Member as listed under thesettlement instructions designated in Appendix II. No other beneficiary or additional information is to be identified in the cover message.
NON-ACCEPTANCE
5.Where a receiving Member does not accept a payment instruction it shall:
 
a.advise the sending Member by telephone that it is not acceptingthe payment instruction and advise the sending Member of theS.W.I.F.T. message type it shall use to confirm thenon-acceptance in accordance with one of the options describedin paragraph 5 b) below; and b.confirm the same day the non-acceptance of the paymentinstruction by sending a message via S.W.I.F.T. using one of thetwo following options:i.MT 202 - The beneficiary in field 58 shall be the Membewhich sent the original payment instruction. Thenon-accepting Member shall include the followinginformation in field 72:
 
September 2003PROCEDURES FOR FOREIGN CURRENCY TRANSFERS PRD-002WITHIN CANADA
Page 2
NON-ACCEPTANCE(cont’d)
"this message is in cancellation of your MTXXX datedYYYYMMDD"followed by a brief explanation; or ii.MT 199 or MT 299The receiving Member must also send a cover message(MT202) to pay the foreign correspondent of the originalsending Member, to return funds for value as per originalinstructions.
CANCELLATIONSSAME DAY
6.Where the sending Member wishes to cancel a foreign currency payment instruction, the following procedures shall apply:a.the sending Member shall by telephone immediately request thereceiving Member to cancel the payment instruction and send aS.W.I.F.T. MT 192/292 or 199/299 to confirm the request tocancel.b.the receiving Member shall confirm the cancellation of theforeign currency payment instruction by sending a message viaS.W.I.F.T., to the original sending Member using one of the twofollowing options:i.MT 202 - The beneficiary in field 58 shall be theMember which sent the original payment instruction.The Member confirming the cancellation shall includethe following information in field 72:"this message confirms your cancellation of your MTXXX dated YYYYMMDD"followed by a brief explanation; or ii.If a S.W.I.F.T. MT 199 or MT 299 is used, the messageconfirming the cancellation shall be made not later thanthe same banking day.The receiving Member must also send a cover message(MT202) to pay the foreign correspondent of the originalsending Member to return funds for value as per originalinstructions, if possible.

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