SWIFT Message Types – MT and MX ISO 20022 – An Overview

Understanding basics of SWIFT, SWIFT Payment Messages and SWIFT GPI

Welcome to the course!

What you’ll learn

  • What are SWIFT, SWIFTNet, SWIFT Code, Message Structure, Categories, Guidelines?.
  • SWIFT MT Messages and ISO 20022 MX Messages.
  • Overview of SWIFT GPI.

Course Content

  • Introduction –> 4 lectures • 18min.
  • Brief Overview of Payment Systems –> 2 lectures • 12min.
  • SWIFT MT Messages –> 4 lectures • 40min.
  • SWIFT GPI (Global Payments Innovation) –> 1 lecture • 8min.
  • SWIFT ISO 20022 MX Messages –> 4 lectures • 32min.
  • Conclusion and Important Resources –> 1 lecture • 1min.

SWIFT Message Types - MT and MX ISO 20022 - An Overview

Requirements

  • None.

Welcome to the course!

This course is meant to give an overview of SWIFT Message types.

It begins from the basics of SWIFT and also gives an overview of the payment system as without a basic understanding of how the payment system works, understanding payment messaging is incomplete. It then gradually explains the important MT messages, the use of SWIFT GPI and finally gives an overview of the latest development in SWIFT – ISO 20022 MX messages.

This tutorial is meant for anyone new in the payments domain or anyone who want to know the basics of the latest developments in SWIFT before going to deeper understanding.

This includes examples of SWIFT messages and explanations of important fields. It shows the flow of the messages between banks visually so that its easier to understand and remember.

We will cover –

Basics

  1. What is SWIFT and SWIFTNet
  2. Understanding SWIFT Code or Business Identifier Code(BIC)
  3. What are SWIFT FIN and GPA Messages
  4. Structure of SWIFT MT Messages
  5. Categories of FIN messages and Message naming conventions
  6. What are SWIFT Rules and Guidelines

Overview of Payment Systems

  1. Understanding payment systems (Clearing, Settlement and Messaging)
  2. Understanding correspondent accounts and RMA

MT Messages and Miscellaneous Information

  1. MT Category 1 messages – Customer Payments and Cheques with MT 103 Serial and Cover Methods
  2. MT Category 2 – Financial Institution Transfers
  3. MT Category 9 – Cash Management and Customer Status
  4. SWIFT GPA Messages
  5. Possible Duplicate Emission and Possible Duplicate Message and Message Retrieval

SWIFT GPI

  1. SWIFT GPI (Global Payments Innovation)

ISO 20022 MX Messages

  1. Why the need of ISO 20022 MX Messages
  2. Three layers of MX Messages
  3. MT to MX – the changes happening
  4. Overview of PAIN (Payment Initiation) Messages
  5. Overview of PACS (Payments Clearing and Settlement) Messages
  6. Overview of CAMT (Cash Management) Messages
Get Tutorial