Swift Swift Message Types & Formats 2

Question 1

Which SWIFT message type is used for a bank-to-bank general financial institution transfer NOT related to a customer payment?

Accepted Answer

MT202

Answer

MT202 is used for general financial institution transfers where no underlying customer transaction is referenced.

Question 2

What is the purpose of the MT202 COV message?

Accepted Answer

To cover an underlying customer credit transfer

Answer

MT202 COV (cover) is used when a bank sends funds to cover an underlying MT103 customer payment.

Question 3

Which field in an MT103 identifies the ordering customer (sender of the payment)?

Accepted Answer

Field 50

Answer

Field 50 (Ordering Customer) identifies the party that instructed the sending bank to make the transfer.

Question 4

What does field 71A in an MT103 specify?

Accepted Answer

Who bears the transaction charges

Answer

Field 71A Details of Charges specifies whether charges are borne by the sender (OUR), shared (SHA), or beneficiary (BEN).

Question 5

In SWIFT, what does 'Value Date' in field 32A of an MT103 represent?

Accepted Answer

The date funds are to be made available to the beneficiary

Answer

Field 32A specifies the value date on which the beneficiary's bank should credit funds to the beneficiary.

Swift Practice Test