Swift Swift Message Types & Formats 2 — Questions and Answers
Question 1: Which SWIFT message type is used for a bank-to-bank general financial institution transfer NOT related to a customer payment?
- MT202 (Correct answer)
- MT103
- MT199
- MT540
Correct answer: MT202
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?
- To cover an underlying customer credit transfer (Correct answer)
- To confirm a securities trade
- To request a stop payment
- To notify of a returned payment
Correct answer: To cover an underlying customer credit transfer
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)?
- Field 50 (Correct answer)
- Field 59
- Field 56A
- Field 57A
Correct answer: Field 50
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?
- Who bears the transaction charges (Correct answer)
- The value date of the payment
- The currency and amount
- The beneficiary's bank
Correct answer: Who bears the transaction charges
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?
- The date funds are to be made available to the beneficiary (Correct answer)
- The date the message was sent
- The date the sender's account is debited
- The date of the foreign exchange deal
Correct answer: The date funds are to be made available to the beneficiary
Field 32A specifies the value date on which the beneficiary's bank should credit funds to the beneficiary.
Question 6: What is the SWIFT MT900 message used for?
- Confirmation of debit (Correct answer)
- Confirmation of credit
- Customer statement
- Payment cancellation
Correct answer: Confirmation of debit
MT900 is a Confirmation of Debit sent by a bank to a financial institution to confirm a debit has been applied to its account.
Swift Swift Message Types & Formats 2
Which SWIFT message type is used for a bank-to-bank general financial institution transfer NOT related to a customer payment?