SWIFT MT Messages
Learner reads and interprets SWIFT MT messages, including MT103, MT202, MT202COV, MT940, and MT950, and explains the purpose, key fields, and business use of each message type. Learner demonstrates this skill using realistic banking examples, explaining each step clearly and using correct terminology throughout.
The classic SWIFT MT messages, field by field: MT103, MT202, MT940 and the rest, with the exact fields that decide whether a payment goes through.
What You Can Do After This Chapter
Learning objective. Learner reads and interprets SWIFT MT messages, including MT103, MT202, MT202COV, MT940, and MT950, and explains the purpose, key fields, and business use of each message type. Learner demonstrates this skill using realistic banking examples, explaining each step clearly and using correct terminology throughout.
Practical assessment. Learner receives a sample MT103 for a 12,500 euro customer payment and a sample MT940 statement, and annotates every block and field with its meaning, source, and use. Learner then writes a short guide explaining when to use MT103 versus MT202, and identifies three errors in a second MT103, including a missing field 59 and an invalid currency code. Learner submits the work with all calculations, sources, and assumptions stated clearly, and checks the result against the chapter checklist before final submission.
Expected deliverables.
- Annotated MT103 with field-by-field notes
- Annotated MT940 statement extract
- MT103 versus MT202 usage guide
- Error log for three MT103 defects
Completion criterion. Learner annotates all key fields correctly, distinguishes MT103 from MT202 accurately, and finds all three planted errors with the correct field references. Completion is judged on accuracy, completeness, and clear reasoning throughout the submitted work.
- What SWIFT MT is, and why it lasted so long
- MT103, the customer payment
- MT202, bank to bank cover payments
- MT900 and MT910, confirmations of debit and credit
- MT940 and MT942, account statements
- Field structure, how to read an MT message
- How to read a real MT103, worked example
- Worked example: cover method, Paris to Madrid in USD
- Worked example: serial method, the same payment in three MT103s
- MT message blocks 1 to 5: how to read a raw message
- System design deep dive: SWIFT connectivity inside a bank
Start Lesson 1: What SWIFT MT is, and why it lasted so long →