FAQ: What Is Field 70 In A Swift Message?

The field 70 (:70:/INV/18042-090715) contains the remittance information. Usually the remittance information is generated by the beneficiary and sent to the ordering customer (or debtor).

What is remittance information field 70?

Field 70: Purpose of Remittance is mentioned in the wire transfer message sent by the remitting bank. Field 71A: It is advised to get the remittances as “OUR” (in Field 71A). Other options available for Field 71A: SHA: For sharing the Foreign Bank Charges with the beneficiary.

What is Field 72 in a swift message?

Field 72: Sender to Receiver Information is a field in MT 700 swift message type that specifies additional information for the Receiver. This is an optional field. One or more of the following codes may be used: PHONBEN Please advise/contact beneficiary by phone.

What is Field 71 in a swift message?

:71A::Details of charges Use this three-letter field to specify the party that will pay the transaction charges.

What is field 53B?

:53B::Account to be debited Use this field to indicate your five-digit Cash Account that must be debited, optionally and immediately followed by the two-digit currency subdivision code of your Cash Account.

What is field 33b in Swift?

Definition. This field specifies the currency and amount of the instruction. This amount is provided for information purposes and has to be transported unchanged through the transaction chain.

What is field 71G in MT103?

:71G::Receiver’s charges Use this 18-character field to specify the currency and amount of the charges to be paid by the receiver.

What is a MT103 72?

MT 103/72 is the new form of an MT 103/23. This is a conditional payment. The condition that will be in the field (72) will state that the MT103 Conditional payment is contingent upon Assay and shipping documents being provided in accordance with terms of the Contract Number.

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What is 50K in swift message?

:50K::Ordering customer Use this field to identify, in a maximum of four lines of 35 characters, the name and address of the customer (i.e. not a financial institution) that initiated the transaction.

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 field 32A in SWIFT?

Definition. This field specifies the value date, the currency and the settlement amount. The settlement amount is the amount to be booked/reconciled at interbank level.

What is MT103 format?

What is an MT103? 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 Field 21 in a swift message?

:21::Related reference Use this 16-character field to indicate the reference that you have attributed to your wire transfer or book transfer instruction, to enable the final beneficiary (specified in:58a:) to identify the underlying transaction.

What is FIN 103 single credit transfer?

The MT 103 STP is a general use message, that is, no registration in a Message User Group is necessary to send and receive this message. It allows the exchange of single customer credit transfers using a restricted set of fields and format options of the core MT 103 to make it straight through processable.

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What is the difference between MT103 and MT202?

MT103 is the direct payment order to the beneficiary’s bank that results in the beneficiary’s account being credited a specific funding amount. The MT202 COV is the bank-to-bank order that instructs funds movement in alignment with the MT103 messages. The MT202 is the original standard message format.