Posted on 2nd Apr 2024 87 views
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication
SWIFT Message types are the format or schema used to send messages to financialinstitutions on the SWIFT network.
The original message types were developed by SWIFT and retrospectively made into an ISOstandard, ISO 15022.
This was later supplemented by a XML based version under ISO 20022
A SWIFT MT message consists of the following blocks or segments:
No data is included any data at this point, just the Swift message shell;
{1:}{2:}{3:}{4:
-}
{5:}
The Basic Header Block provides information about the logical originator of the message
It can be identified by the starting tag {1:
It will typically consist of something like: {1:F01MYXXCODEZABC1234567890} where:
The Application Header Block is identified by starting tag {2:
There are two types of application headers: Input and Output. Both are fixed-length and continuous with no field delimiter
And will look something like: {2:I101MYXXBANKXJKLU3003} where:
3 = Delivery monitoring field is as follows:
003 = Obsolescence period. It specifies when a non-delivery notification is generated as follows:
The User Header Block will always starts {3:
And will look something like: {3:{113:SEPA}{108:ILOVESEPA}} where:
The Text Block will always starts {4:
And will look something like: {4:
Followed by the details of the message you’re sending. In this case, it is a MT101 – as indicated in Application Header Block message type. For this piece, I strongly recommend that you find and read the appropriate SWIFT message specification – in this instance SWIFT MT101 Format Specifications – and then work with your bank(s) to understand their specific message requirements.
The format, which is variable length and requires use of CRLF as a field delimiter, is as follows:
{4:CRLF
:20:PAYREFTB54302 CRLF
:32A:970103BEF1000000,CRLF
:50:CUSTOMER NAME CRLF
AND ADDRESS CRLF
:59:/123-456-789 CRLF
BENEFICIARY NAME CRLF
AND ADDRESS CRLF
-}
Finally ending with -}
The example above is of type MT100 (Customer Transfer) with only the mandatory fields completed. It is an example of the format of an ISO 7775 message structure. Block 4 fields must be in the order specified for the message type in the appropriate volume of the SWIFT User Handbook.
The format of block 4 field tags is:
:nna:
nn = Numbers
a = Optional letter, which may be present on selected tags
For example:
:20: = Transaction reference number
:58A: = Beneficiary bank
The Trailer Block will always starts {5:
This is usually automatically added by the systemand specified in the proprietary SWIFT implementation
And ends with }
A message always ends in a trailer with the following format:
{5: {MAC:12345678}{CHK:123456789ABC}
This block is for SWIFT system use and contains a number of fields that are denoted by keywords such as the following:
MAC
Message Authentication Code calculated based on the entire contents of the message using a key that has been exchanged with the destination and a secret algorithm. Found on message categories 1,2,4,5,7,8, most 6s and 304.
CHK
Checksum calculated for all message types.
PDE
Possible Duplicate Emission added if user thinks the same message was sent previously
DLM
Added by SWIFT if an urgent message (U) has not been delivered within 15 minutes, or a normal message (N) within 100 minutes.
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 |
Travellers Cheques |
MT9xx |
Cash Management and Customer Status |
All SWIFT messages include the literal "MT" (Message Type). This is followed by a three-digit number that denotes the message category, group and type. Consider the following example, which is an order to buy or sell via a third party:
The first digit (3) represents the category. A category denotes messages that relate to particular financial instruments or services such as Precious Metals (6), Treasury (3), or Travellers Cheques (8). The category denoted by 3 is Treasury Markets.
The second digit (0) represents a group of related parts in a transaction life cycle. The group indicated by 0 is a Financial Institution Transfer.
The third digit (4) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 4 is a notification.
The first digit (1) represents the category. A category denotes messages that relate to particular financial instruments or services such as Cash Transfer(1), Treasury (3), or Cash Management (9). The category denoted by 1 is Cash Transfer.
The second digit (0) represents a group of related parts in a transaction life cycle. The group indicated by 0 is a Financial Institution Transfer.
The third digit (3) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 3 is a notification.
A new message type expressed in XML syntax, which is more flexible and easier to implement than the previous generation of message types (MT). These message types are developed in accordance with ISO 20022 standard.
Current syntax is as following: xxxx.nnn.aaa.bb, where
Consider the following example: TREA.001.001.02
SWIFT Standards for MX Messages:
MX Identifier |
Description |
acmt.xxx.xxx.xx |
Account Management |
admi.xxx.xxx.xx |
Administration |
camt.xxx.xxx.xx |
Cash Management |
defp.xxx.xxx.xx |
Derivatives |
pacs.xxx.xxx.xx |
Payments Clearing and Settlement |
pain.xxx.xxx.xx |
Payments Initiation |
reda.xxx.xxx.xx |
Reference Data |
seev.xxx.xxx.xx |
Securities Events |
semt.xxx.xxx.xx |
Securities Management |
sese.xxx.xxx.xx |
Securities Settlement |
setr.xxx.xxx.xx |
Securities Trade |
trea.xxx.xxx.xx |
Treasury |
tsmt.xxx.xxx.xx |
Trade Services Management |
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