This is the third and last article about a SWIFT MT103 serial payment (so settled via the serial method). We already studied the cover method and how it is used to settle that payment. Read the series of articles to which I refer you in this article if you want to learn more about the […]
This is the second article where we are looking at a concrete example of MT103 serial payment. We already saw how the cover method is used to settle that payment. Read the series of articles I refer you to in the previous article if you want to learn more about the cover method. When the […]
In a previous article, serial and cover methods were presented. Then we analyzed a concrete example of payment settled with cover method in the following articles: SWIFT MT103 202 Cover payment analysis – part 1 SWIFT MT103 202 Cover payment analysis – part 2 SWIFT MT103 202 Cover payment analysis – part 3 SWIFT MT910 […]
In the SWIFT MT940 format specifications, there are four fields for balances: F60a Opening Balance, F62a Closing Balance (Booked Funds), F64 Closing Available Balance (Available Funds) and F65 Forward Available Balance. The aim of this article is to explain the meaning of each balance field and how they are calculated. This will be illustrated through […]
The SWIFT MT940 is called Customer Statement Message. It is basically an account statement and therefore provide detailed information about all entries booked to an account. It can be sent: either directly to the account owner – In the SWIFT world account owners are banks or corporations. or to financial institution authorised by account owner […]
The SWIFT MT950 is an account statement sent by a Bank to its customer. We are all familiar with account statements, so it is easy to understand the content of a SWIFT MT950 Statement message. An account statement contains an opening balance, the debit and credit entries booked to the account and a closing balance. […]
The SWIFT MT910 message is called Confirmation of Credit. To put it briefly, the SWIFT MT910 is sent to an account owner or to a party authorized by the account owner to receive that information. It indicates that funds have been credited to an account. Therefore the name Confirmation of Credit. We consider the SWIFT […]
After the introduction and analysis of SWIFT cover and serial payments, we are now looking at one concrete example of SWIFT MT103 announcement and MT202 cover payment. In the first article of this series, we performed a detailed analysis of a MT103 announcement sent by the debtor bank to the creditor bank. In the second […]
After the introduction and analysis of SWIFT cover and serial payments, we are now looking at one concrete example of SWIFT MT103 announcement and MT202 cover payment. In the previous article, we performed a detailed analysis of a MT103 announcement sent by the debtor bank to the creditor bank. Now we will consider the MT202 […]
The introduction and analysis of SWIFT cover and serial payments in a previous article provided us with a good foundation to move further. We can now consider concrete examples of SWIFT MT103 202 cover payments, see which parties are involved and the content of the messages that they exchange. In this article, we will perform […]