Swift Swift Message Types & Formats

Question 1

Which SWIFT message type is used for a customer credit transfer (single customer payment)?

Accepted Answer

MT103

Answer

MT103 is the standard SWIFT message for single customer credit transfers between financial institutions.

Question 2

What does the SWIFT message category MT2xx primarily cover?

Accepted Answer

Financial institution transfers

Answer

Category 2 (MT2xx) messages cover financial institution transfers, used for bank-to-bank fund movements.

Question 3

Which field in an MT103 message contains the sender's reference number?

Accepted Answer

Field 20

Answer

Field 20 in MT103 is the Transaction Reference Number, which contains the sender's unique reference.

Question 4

What is the maximum length of a SWIFT BIC (Business Identifier Code)?

Accepted Answer

11 characters

Answer

A SWIFT BIC can be either 8 or 11 characters; the 11-character version includes a 3-character branch code.

Question 5

Which SWIFT message is typically used for a foreign exchange confirmation?

Accepted Answer

MT300

Answer

MT300 is the Foreign Exchange Confirmation message used to confirm FX deal details between counterparties.

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