SWIFT MT910 Confirmation of Credit – Detailed analysis

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 MT910 in a given context. It is a confirmation of Credit sent by a correspondent which received a MT202 COV to its customer, the beneficiary institution. However, what we will see applies to other contexts as well since the underlying principles are the same. After this analysis, you should be able to derive the content of SWIFT MT910 in other contexts without problem.

Let me first remind you the context with a picture.

SWIFT MT910 Confirmation of Credit - Detailed Analysis

SWIFT MT910 Confirmation of Credit from a correspondent to its customer

In the last three articles, we did the following (Click on the links below to learn more about a specific topic):

  1. Detailed analysis of a MT103 announcement sent by the BNP Paribas to Santander
  2. Study of the SWIFT MT202 COV sent by BNP Paribas to its correspondent
  3. Examination of  the second SWIFT MT202 COV sent by BNPP’s correspondent to Santander’s correspondent

Now we are considering the SWIFT MT910 sent by Bank of New York Mellon to Santander. It is highlighted in the green box above.

The table below contains the fields that are transported in the SWIFT MT910 message. An additional column (comments) provides further explanation, so that it is easy to understand each field and what it is used for.

Read this page on the SWIFT formatting rules and Character sets of MT Messages to get additional information and understand what 16x, 35x and the format of the field options mean.

Narratives and notes on this SWIFT MT910 message

As usual, some narratives and notes are provided about the SWIFT MT910 to better understand its meaning and content. As stated above, the study of this SWIFT MT910 Confirmation of Credit should allow you to easily find out what the content should be in other contexts. So review the table above and read the following very carefully.

Narrative and note 1 (Main purpose of this SWIFT MT910)

Bank of New York Mellon (IRVTUS3N) sends this message to Santander (BSCHESMM) to notify that its account has been credited.

Narrative and note 2 (The SWIFT MT910 is a cover)

Yes you read it correctly, the MT910 is “a cover”. When the Beneficiary institution receives the MT910, it has confirmation that its account has been credited with the funds related to the announcement. So the final beneficiary can be credited as well. No need to receive a MT202 COV. This explains why an announcement can be reconciled with an MT910.

Narrative and note 3 (Related reference in this SWIFT MT910)

The related reference (:21:103REF405775) is the transaction reference (:20:103REF405775) that was generated by BNP Paribas, sent in the MT103 Announcement and forwarded in the two MT202 COV. The receiver can use it to reconcile the cover (SWIFT MT910) with the annoucement.

Narrative and note 4 (Unique End-to-end Transaction Reference not in the SWIFT MT910)

It is a pity that the Unique End-to-end Transaction Reference (UETR) provided in MT103A and MT202 COV is not available in the SWIFT MT910. Since it was provided in the MT103 Annoucement received by Santander, it could be used to reconcile the announcement with the cover if it was available in the MT910. The field 72 could be used to transport the UETR, one might think. Unfortunately the SWIFT MT standard does not allow that. One workaround is to generate the MT910 and convert it into MT199 or MT299 to meet the GPI requirements and guidelines.

This ends our analysis of the SWIFT MT910 Confirmation of Credit. In the previous article, we saw also that the receiver’s correspondent could send a SWIFT MT950 message instead of the SWIFT MT910. What is the SWIFT MT950 message? And what does it contain? That will be the topic of the next article.

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One Response to SWIFT MT910 Confirmation of Credit – Detailed analysis

  1. Ankur March 2, 2019 at 7:18 am #

    Very informative article. Thanks!!

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