SWIFT

Messaging systems and standards for Cross border payments

Differences between SEPA, SWIFT and UK Faster payments

When you begin your journey in payments, you can easily feel overwhelmed because of the many types of payments and payments systems available out there. How to easily understand what they are and how to differentiate them? In this article, we revisit one key concept and explain the differences between SEPA Payments, UK Faster Payments …

Differences between SEPA, SWIFT and UK Faster payments Read More »

MT400 SWIFT Message to confirm the collection of funds and announce the proceeds

Usage of MT400 SWIFT Message to announce the proceeds

The MT400 SWIFT Message is an advice of payment sent by the collecting bank to the remitting bank. A lot of things happen before the funds are collected and the MT400 message is sent. That is why in a previous article, we explained what documentary collections are and the roles that collecting and remitting banks …

Usage of MT400 SWIFT Message to announce the proceeds Read More »

Collecting Bank and Remitting Bank in SWIFT Category 4 Messages

Collecting Bank and Remitting Bank in SWIFT Category 4 Messages

SWIFT category 4 messages (part 1) are about payment collections. In the SWIFT standards documentation, we read that these messages are exchanged between the collecting bank and the remitting bank. And unless you know what is a collecting bank and what is a remitting bank, it is not easy to understand those messages. So the purpose …

Collecting Bank and Remitting Bank in SWIFT Category 4 Messages Read More »

SWIFT MT101 Usage to pay from Parent Company on behalf of subsidiaries

SWIFT MT101 Usage by parent company to pay on behalf of subsidiaries

The previous article was about the usage of the SWIFT MT101 by a parent company to pay from a subsidiary account. A parent company can also use the SWIFT MT101 to pay from own account on behalf of multiple subsidiaries. In this article, we will see how this is performed and the information that must …

SWIFT MT101 Usage by parent company to pay on behalf of subsidiaries Read More »

SWIFT MT101 - Basic example with two domestic transactions

Basic SWIFT MT101 Message with two domestic transactions

In the previous article, we saw how corporations use the SWIFT MT101 message to transfer funds either domestically or internationally. Now we want to go deeper and look at the content of SWIFT MT101 messages. The SWIFT MT101 message specifications is of great help to understand the messages content. Take few minutes to read it …

Basic SWIFT MT101 Message with two domestic transactions Read More »

Different usages of the SWIFT MT101

How Corporations use the SWIFT MT101 Request for transfer

The SWIFT MT101 Request for Transfer is a payment initiation message used by corporations to send domestic and/or internatinal payments instructions to their banks. The equivalent of the SWIFT MT101 message in the ISO 20022 standard is called the Pain.001 (Customer Credit Transfer Initiation). The MT101 message can be used in many ways and in …

How Corporations use the SWIFT MT101 Request for transfer Read More »