SWIFT MESSAGING

SWIFT Overview
Bank identification code
Message types &Fields
 SWIFT Overview
SWIFT was founded in 1973.

The Society for Worldwide Interbank Financial

Telecommunication (SWIFT) provides a network that
enables financial institutions worldwide to send and
receive information about financial transactions in a
secure, standardized and reliable environment.
Significance of SWIFT

Quick and cheap

Secure and reliable

Standardized forms
 Bank identification code
SWIFT code is an international bank code that
identifies particular banks worldwide. Its also
known as a Bank Identifier Code (BIC).

Bank code: 4 letter code. It abbreviates the

Banks name

Country code : 2 letter code generated based

on the Currency used
 Location code: 2 digit alpha numeric code
denotes the Head quarters of the bank

Branch Code: Optional 3 digit code.

Implies the Branch of the bank.
 Message types and Fields
MT103

An instruction given by the customers while

making cash or cheque payments.
 Fields
Field Field Name

20 Transaction Reference Number

32A Value Date / Currency

33B Currency / Original Ordered Amount

50A Ordering Customer (Payer)

52A Ordering Institution (Payer's Bank)

53A Sender's Correspondent (Bank)

54A Receiver's Correspondent (Bank)

56A Intermediary (Bank)

57A Account with Institution (Beneficiary's Bank)

59 Beneficiary

70 Remittance Information

71A Details of Charges (OUR/SHA/BEN)

72 Sender to Receiver Information

MT202

MT 202 series messages are used to Transfer

money between financial institutions.
i.e. Bank to Bank transfers
 Fields
Field Field Name

20 Transaction Reference Number

21 Related Reference

32A Value Date / Currency

52A Ordering Institution

53A Sender's Correspondent (Bank)

54A Receiver's Correspondent (Bank)

56A Intermediary (Bank)

57A Account with Institution (Beneficiary's Bank)

58A Beneficiary Institution

72 Sender to Receiver Information