The recent SWIFT related posts have been pretty popular, and many of you have contacted me asking for more detailed information about SWIFT message types. To get the full lowdown on SWIFT message types, you need to read SWIFT’s very own Standards Inventory Of Messages. Its 47 pages worth of SWIFT message types, nice bedtime reading!! To save you the pain, I have read (learnt a bit too) and provided an overview of the main message types below. Unless you like talking about SWIFT message types, you don’t need to know most of these. But it is useful to know they exist and if you ever needed there are a range of messages out there. I have referenced some of the important ones from a payments perspective.
If you need more information, refer to the Standards Inventory of Messages… 😉
MT – SWIFT Message Types:
- Category 1 – Messages starting MT1xx – Customer Payments & Cheques
- This is the most popular category for corporates making payments containing the:
- MT101 – Request for Transfer
- This is the most popular category for corporates making payments containing the:
- Category 2 – Messages starting MT2xx – Financial Institution Transfers
- Category 3 – Messages starting MT3xx – Treasury Markets, to handle Foreign Exchange, Money Markets and Derivatives
- Category 4 – Messages starting MT4xx – Collection & Cash Letters
- Category 5 – Messages starting MT5xx – Securities Markets
- Category 6 – Messages MT600 – MT609 – Treasury Markets – Previous Metals
- Category 6 – Messages MT643 – MT649 – Treasury Markets – Syndications
- Category 7 – Messages starting MT7xx – Documentary Credits & Guarantees
- Category 8 – Messages starting MT8xx – Travellers Cheques
- Category 9 – Messages starting MT9xx – Cash Management & Customer Status
- The most important messages for most corporates would be the:
- MT900 – Confirmation of Debit
- MT940 – Customer Statement Message
- MT942 – Interim Transaction Report
- The most important messages for most corporates would be the:
- Category n – Common Messages found across the above Categories
- MTn90 – Advice of Charges, Interest and other Adjustments
- MTn91 – Request for Payment of Charges, Interest and other Expenses
- MTn92 – Request for Cancellation
- MTn95 – Queries
- MTn96 – Answers
- MTn98 – Proprietary message – messages defined and exchanged between users
- MTn99 – Free format message – often used by banks to send details of payments in error
- MT199 is often sent by the banks to corporates indicating why a payment has failed
MX – SWIFT Message Types:
For full details, refer to the SWIFT’s Standards MX General Information
An MX message consists of 4 parts – ssss.eee.ppp.aa – where:
- 4 alpha characters – ssss – identifying the Message Type
- 3 alphanumeric characters – eee – identifying the Message Number
- 3 numeric characters – ppp – highlighting the Message Variant
- 2 numeric characters – aa – denoting the Version Number
As SEPA experts (hehehehe…!) you will be very familiar with SEPA Credit Transfer pain.001.001.03
For our purposes, the most important thing to know (for now) is the Message Type. After that you will need to work with your banking partners to understand the most appropriate Message Number / Variant & Version….
Message Types:
- ACMT – Account Management
- For example:
- acmt.001.001.02 – Account Opening Instruction version 2
- acmt.002.001.02 – Account Details Confirmation version 2
- For example:
- ADMI- Administration
- CAMT – Cash Management
- For example:
- camt.053.001.01 – Bank to Customer Statement version 1
- For example:
- DEFP – Derivatives
- PACS – Payments Clearing & Settlement
- PAIN – Payments Initiation
- As mentioned above, through SEPA you will be very familiar with:
- pain.001.001.03 – Customer Credit Transfer Initiation
- pain.002.001.02 – Payment Status Report – sometimes also called a PSR
- pain.008.001.02 – Customer Direct Debit Initiation
- As mentioned above, through SEPA you will be very familiar with:
- REDA – Reference Data
- SEEV – Securities Events
- SEMT – Securities Management
- SESE – Securities Settlement
- SETR – Securities Trade
- TREA – Treasury
- TSMT – Trade Services Management
Hope that has given you an insight into the different SWIFT message types, and an understanding of the various available messages. If it has helped you, kindly SHARE IT….