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Swift Message Types & Formats Flashcards

6 cards from real Swift practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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

    Answer: MT202

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

  2. What is the purpose of the MT202 COV message?

    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.

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

    Answer: Field 50

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

  4. What does field 71A in an MT103 specify?

    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).

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

    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.

  6. What is the SWIFT MT900 message used for?

    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.

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