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

MT103

Answer

MT199

Answer

MT540

Question 2

What is the purpose of the MT202 COV message?

Accepted Answer

To cover an underlying customer credit transfer

Answer

To confirm a securities trade

Answer

To request a stop payment

Answer

To notify of a returned payment

Question 3

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

Accepted Answer

Field 50

Answer

Field 59

Answer

Field 56A

Answer

Field 57A

Question 4

What does field 71A in an MT103 specify?

Accepted Answer

Who bears the transaction charges

Answer

The value date of the payment

Answer

The currency and amount

Answer

The beneficiary's bank

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

The date the message was sent

Answer

The date the sender's account is debited

Answer

The date of the foreign exchange deal

Question 6

What is the SWIFT MT900 message used for?

Accepted Answer

Confirmation of debit

Answer

Confirmation of credit

Answer

Customer statement

Answer

Payment cancellation