SWIFT Fundamental and Message Types (Society for Worldwide Inter bank Financial Telecommunication)

SWIFT is a certified network where financial institute can send and receive the information about financial transactions worldwide in a secure, standardized and reliable environment.

SWIFT assign a unique code to each financial organization either of 8 or 11 characters. This code is known as Bank Identifier Code (BIC), SWIFT id or SWIFT code. For example: RBOSGB2L

1.    First four characters: Institute Name (The Royal Bank of Scotland PLC)

2.    Next two characters: Country Code (United Kingdom (The Great Britain))

3.    Next two characters: Location/City (London)

4.    Last three characters: Optional, can be used for individual office/branch (Treasury Branch)

Features:

1.    Real time and bulk messages

2.    Message transferred in structured and unstructured format

3.    Role base access control

4.    Maker-Checker control

5.    Asymmetric encryption of message for confidentiality

6.    Support international ISO format and acceptable in multiple countries

7.    Guaranteed delivery of message and delivery confirmation

8.    For neck messages, warning message

9.    Message retrieval in case of message corruption/lost

10. Custom workflow to define the path

11. 24*7 online support

SWIFT Message Type:

All message type includes the literal “MT” (Message Type), followed by a three-digit number that define the message category, group and type.

For example: MT103

1.    First digit (1) represents the category. A category defines the financial instrument. Such as 1 means cash transfer

2.    Second digit (0) represents the group of related parts in transaction life cycle. Such as 0 means financial institution transfer.

3.    Third digit (3) represents the type that denotes the specific message. Such as 3 means notification.

SWIFT message category:

Message type	Description
MT0xx	System messages
MT1xx	Customer payments and cheques
MT2xx	Financial institution transfers
MT3xx	Treasury markets
MT4xx	Collection and cash letters
MT5xx	Securities Markets
MT6xx	Treasury markets – metals and syndications
MT7xx	Documentary credits and guarantees
MT8xx	Traveller's cheques
MT9xx	Cash management and customer status

List of SWIFT Message Types:

1.    MT1XX Message Types:

MT Number	Description
MT 101	Request for Transfer
MT 102	Multiple Customer Credit Transfer
MT 103	Single Customer Credit Transfer
MT 104	Direct Debit and Request for Debit Transfer Message (STP)
MT 105	EDIFACT Envelope
MT 106	EDIFACT Envelope
MT 107	General Direct Debit Message
MT 110	Advice of Cheque(s)
MT 111	Request for Stop Payment of a Cheque
MT 112	Status of a Request for Stop Payment of a Cheque
MT 121	Multiple Interbank Funds Transfer (EDIFACT FINPAY Message)
MT 190	Advice of Charges, Interest and Other Adjustments
MT 191	Request for Payment of Charges, Interest and Other Expenses
MT 192	Request for Cancellation
MT 195	Queries
MT 196	Answers
MT 198	Proprietary Message
MT 199	Free Format Message

2.    MT2XX Message Types:

MT Number	Description
MT 200	Financial Institution Transfer for its Own Account
MT 201	Multiple Financial Institution Transfer for its Own Account
MT 202	General Financial Institution Transfer
MT 203	Multiple General Financial Institution Transfer
MT 204	Financial Markets Direct Debit Message
MT 205	Financial Institution Transfer Execution
MT 206	Cheque Truncation Message
MT 207	Request for Financial Institution Transfer
MT 210	Notice to Receive
MT 256	Advice of Non-Payment of Cheques
MT 290	Advice of Charges, Interest and Other Adjustments
MT 291	Request for Payment of Charges, Interest and Other Expenses
MT 292	Request for Cancellation
MT 295	Queries
MT 296	Answers
MT 298	Proprietary Message
MT 299	Free Format Message

3.    MT3XX Message Types:

MT Number	Description
MT 300	Foreign Exchange Confirmation
MT 303	Forex/Currency Option Allocation Instruction
MT 304	Advice/Instruction of a Third Party Deal
MT 305	Foreign Currency Option Confirmation
MT 306	Foreign Currency Option Confirmation
MT 307	Advice/Instruction of a Third Party FX Deal
MT 308	Instruction for Gross/Net Settlement of Third Party FX Deals
MT 320	Fixed Loan/Deposit Confirmation
MT 321	Instruction to Settle a Third Party Loan/Deposit
MT 330	Call/Notice Loan/Deposit Confirmation
MT 340	Forward Rate Agreement Confirmation
MT 341	Forward Rate Agreement Settlement Confirmation
MT 350	Advice of Loan/Deposit Interest Payment
MT 360	Single Currency Interest Rate Derivative Confirmation
MT 361	Cross Currency Interest Rate Swap Confirmation
MT 362	Interest Rate Reset/Advice of Payment
MT 364	Single Currency Interest Rate Derivative Termination/Recouponing Confirmation
MT 365	Single Currency Interest Rate Swap Termination/Recouponing Confirmation
MT 380	Foreign Exchange Order
MT 381	Foreign Exchange Order Confirmation
MT 390	Advice of Charges, Interest and Other Adjustments
MT 391	Request for Payment of Charges, Interest and Other Expenses
MT 392	Request for Cancellation
MT 395	Queries
MT 396	Answers
MT 398	Proprietary Message
MT 399	Free Format Message

4.    MT4XX Message Types:

MT Number	Description
MT 400	Advice of Payment
MT 405	Clean Collection
MT 410	Acknowledgment
MT 412	Advice of Acceptance
MT 416	Advice of Non-Payment/Non-Acceptance
MT 420	Tracer
MT 422	Advice of Fate and Request for Instructions
MT 430	Amendment of Instructions
MT 450	Cash Letter Credit Advice
MT 455	Cash Letter Credit Adjustment Advice
MT 456	Advice of Dishonor
MT 490	Advice of Charges, Interest and Other Adjustments
MT 491	Request for Payment of Charges, Interest and Other Expenses
MT 492	Request for Cancellation
MT 495	Queries
MT 496	Answers
MT 498	Proprietary Message
MT 499	Free Format Message

5.    MT5XX Message Types:

MT Number	Description
MT 500	Instruction to Register
MT 501	Confirmation of Registration or Modification
MT 502	Order to Buy or Sell
MT 503	Collateral Claim
MT 504	Collateral Proposal
MT 505	Collateral Substitution
MT 506	Collateral and Exposure Statement
MT 507	Collateral Status and Processing Advice
MT 508	Intra-Position Advice
MT 509	Trade Status Message
MT 510	Registration Status and Processing Advice
MT 513	Client Advice of Execution
MT 514	Trade Allocation Instruction
MT 515	Client Confirmation of Purchase or Sale
MT 516	Securities Loan Confirmation
MT 517	Trade Confirmation Affirmation
MT 518	Market-Side Securities Trade Confirmation
MT 519	Modification of Client Details
MT 524	Intra-Position Instruction
MT 526	General Securities Lending/Borrowing Message
MT 527	Triparty Collateral Instruction
MT 528	ETC Client-Side Settlement Instruction
MT 529	ETC Market-Side Settlement Instruction
MT 530	Transaction Processing Command
MT 535	Statement of Holdings
MT 536	Statement of Transactions
MT 537	Statement of Pending Transactions
MT 538	Statement of Intra-Position Advice
MT 540	Receive Free
MT 541	Receive Against Payment
MT 542	Deliver Free
MT 543	Deliver Against Payment
MT 544	Receive Free Confirmation
MT 545	Receive Against Payment Confirmation
MT 546	Deliver Free Confirmation
MT 547	Deliver Against Payment Confirmation
MT 548	Settlement Status and Processing Advice
MT 549	Request for Statement/Status Advice
MT 558	Triparty Collateral Status and Processing Advice
MT 559	Paying Agent’s Claim
MT 564	Corporate Action Notification
MT 565	Corporate Action Instruction
MT 566	Corporate Action Confirmation
MT 567	Corporate Action Status and Processing Advice
MT 568	Corporate Action Narrative
MT 569	Triparty Collateral and Exposure Statement
MT 574	IRS 1441 NRA
MT 575	Report of Combined Activity
MT 576	Statement of Open Orders
MT 577	Statement of Numbers
MT 578	Statement of Allegement
MT 579	Certificate Numbers
MT 581	Collateral Adjustment Message
MT 582	Reimbursement Claim or Advice
MT 584	Statement of ETC Pending Trades
MT 586	Statement of Settlement Allegements
MT 587	Depositary Receipt Instruction
MT 588	Depositary Receipt Confirmation
MT 589	Depositary Receipt Status and Processing Advice
MT 590	Advice of Charges, Interest and Other Adjustments
MT 591	Request for Payment of Charges, Interest and Other Expenses
MT 592	Request for Cancellation
MT 595	Queries
MT 596	Answers
MT 598	Proprietary Message
MT 599	Free Format Message

6.    MT6XX Message Types:

MT Number	Description
MT 600	Precious Metal Trade Confirmation
MT 601	Precious Metal Option Confirmation
MT 604	Precious Metal Transfer/Delivery Order
MT 605	Precious Metal Notice to Receive
MT 606	Precious Metal Debit Advice
MT 607	Precious Metal Credit Advice
MT 608	Statement of a Metal Account
MT 609	Statement of Metal Contracts
MT 620	Metal Fixed Loan/Deposit Confirmation
MT 643	Notice of Drawdown/Renewal
MT 644	Advice of Rate and Amount Fixing
MT 645	Notice of Fee Due
MT 646	Payment of Principal and/or Interest
MT 649	General Syndicated Facility Message
MT 690	Advice of Charges, Interest and Other Adjustments
MT 691	Request for Payment of Charges, Interest and Other Expenses
MT 692	Request for Cancellation
MT 695	Queries
MT 696	Answers
MT 698	Proprietary Message
MT 699	Free Format Message

7.    MT7XX Message Types:

MT Number	Description
MT 700	Issue of a Documentary Credit
MT 701	Issue of a Documentary Credit
MT 705	Pre-Advice of a Documentary Credit
MT 707	Amendment to a Documentary Credit
MT 710	Advice of a Third Bank’s Documentary Credit
MT 711	Advice of a Third Bank’s Documentary Credit
MT 720	Transfer of a Documentary Credit
MT 721	Transfer of a Documentary Credit
MT 730	Acknowledgment
MT 732	Advice of Discharge
MT 734	Advice of Refusal
MT 740	Authorization to Reimburse
MT 742	Reimbursement Claim
MT 747	Amendment to an Authorization to Reimburse
MT 750	Advice of Discrepancy
MT 752	Authorization to Pay, Accept or Negotiate
MT 754	Advice of Payment/Acceptance/Negotiation
MT 756	Advice of Reimbursement or Payment
MT 760	Guarantee
MT 767	Guarantee Amendment
MT 768	Acknowledgment of a Guarantee Message
MT 769	Advice of Reduction or Release
MT 790	Advice of Charges, Interest and Other Adjustments
MT 791	Request for Payment of Charges, Interest and Other Expenses
MT 792	Request for Cancellation
MT 795	Queries
MT 796	Answers
MT 798	Proprietary Message
MT 799	Free Format Message

8.    MT8XX Message Types:

MT Number	Description
MT 800	T/C Sales and Settlement Advice [Single]
MT 801	T/C Multiple Sales Advice
MT 802	T/C Settlement Advice
MT 810	T/C Refund Request
MT 812	T/C Refund Authorization
MT 813	T/C Refund Confirmation
MT 820	Request for T/C Stock
MT 821	T/C Inventory Addition
MT 822	Trust Receipt Acknowledgment
MT 823	T/C Inventory Transfer
MT 824	T/C Inventory Destruction/Cancellation Notice
MT 890	Advice of Charges, Interest and Other Adjustments
MT 891	Request for Payment of Charges, Interest and Other Expenses
MT 892	Request for Cancellation
MT 895	Queries
MT 896	Answers
MT 898	Proprietary Message
MT 899	Free Format Message

9.    MT9XX Message Types:

MT Number	Description
MT 900	Confirmation of Debit
MT 910	Confirmation of Credit
MT 920	Request Message
MT 935	Rate Change Advice
MT 940	Customer Statement Message
MT 941	Balance Report
MT 942	Interim Transaction Report
MT 950	Statement Message
MT 970	Netting Statement
MT 971	Netting Balance Report
MT 972	Netting Interim Statement
MT 973	Netting Request Message
MT 985	Status Inquiry
MT 986	Status Report
MT 990	Advice of Charges, Interest and Other Adjustments
MT 991	Request for Payment of Charges, Interest and Other Expenses
MT 992	Request for Cancellation
MT 995	Queries
MT 996	Answers
MT 998	Proprietary Message
MT 999	Free Format Message

Hope this information will help you. Any other doubt, please ping me, I will try to respond asap.

- Sachin Gupta