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 own account on behalf of multiple subsidiaries. In this article, we will see how this is performed and the information that must […]
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 following, […]
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, the […]
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 it […]
The SWIFT MT101 Request for Transfer is a payment initiation message used by corporations to send domestic and/or internatinal payments 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 in […]