SWIFT MT400 Usage for the settlement of proceeds
The SWIFT MT400 is an advice of payment sent by the collecting bank to the remitting bank. A lot of things happen before the funds are collected and the SWIFT MT400 message is sent. That is why in the previous article, we explained what documentary collections are and the roles that collecting and remitting...
Collecting Bank and Remitting Bank in SWIFT Category 4 Messages
SWIFT category 4 messages (part 1) are about payment collections. In the SWIFT standards documentation, we read that these messages are exchanged between the collecting bank and the remitting bank. And unless you know what is a collecting bank and what is a remitting bank, it is not easy to understand those messages. So the...
SWIFT MT101 Usage for funds repatriation
The SWIFT MT101 message can be used for various purposes. We saw in previous articles how the SWIFT MT101 is used:
to pay multiple transactions from a single account
to pay multiple transactions from different accounts
by a parent company to pay own bills from a subsidiary account
by a parent company to pay...
SWIFT MT101 Usage by parent company to pay on behalf of subsidiaries
The previous article was about the usage of the SWIFT MT101 by a parent company to pay from a subsidiary account. A parent company can also use the SWIFT MT101 to pay from its own account on behalf of multiple subsidiaries. In this article, we will see how this is performed and the information...
SWIFT MT101 Usage to pay from a subsidiary account
The MT101 is a payment initiation message that can be used for many purposes and in various ways. An overview of how corporations use it was provided in the introductory article of this series. We saw in the previous article the meaning of using the field 50a in the MT101 sequence B. In the...
SWIFT MT101 Usage to pay from multiple debit accounts
The previous article was about a SWIFT MT101 where the field 50a (Ordering Customer) is present in the Sequence A. As a result, the account provided in sequence A is debited for credit of all the beneficiaries mentioned in the sequence B transactions details. However, as you can see in the SWIFT MT101 definition,...
Basic SWIFT MT101 Message with two domestic transactions
In the previous article, we saw how corporations use the SWIFT MT101 message to transfer funds either domestically or internationally. Now we want to go deeper and look at the content of SWIFT MT101 messages. The SWIFT MT101 message specifications is of great help to understand the messages content. Take few minutes to read...
How Corporations use the SWIFT MT101 Request for transfer
The SWIFT MT101 Request for Transfer is a payment initiation message used by corporations to send domestic and/or international payment instructions to their banks. The equivalent of the SWIFT MT101 message in the ISO 20022 standard is called the Pain.001 (Customer Credit Transfer Initiation). The MT101 message can be used in many ways and...
