What is field 57a in mt202?

What is field 57a in mt202?

It is used to order the movement of funds to the beneficiary institution. In addition it can be sent to a financial institution to debit an account of the Sender serviced by the Receiver and to credit an account, owned by the Sender at an institution specified in field 57a.

What is field 57a in Swift?

Field 57a: ‘Advise Through’ Bank is a field in MT 700 swift message type that identifies the bank, if different from the Receiver, through which the documentary credit is to be advised/confirmed to the beneficiary.

What is field 57a in MT103?

The Sender (BNPAFRPP) is asking Receiver (PNBPUS3N) to debit sender’s account and credit the account of the Bank (OCBCSGSG) indicated in tag 57A. This indicates that Sender and Beneficiary customer’s Bank do not have direct account relationship in the currency of the transaction (USD).

What is Field 59 in a swift message?

What is Field 59: Beneficiary? Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued. This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.

What is MT103 used for?

An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via Money Mover. MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.

What is MT103 cover?

All cover payments involve two messages, the MT103 and the MT202 COV. MT103 is the direct payment order to the beneficiary’s bank that results in the beneficiary’s account being credited a specific funding amount.

What are the mandatory fields in MT103?

MT103 Formatting Requirements

Status M/O/C	Field	Field Name
M	23B	Bank Operation Code
O	23E	Instruction Code
C	26T	Transaction Type Code
M	32A	Value Date/ Currency/ Interbank Settled Amount