SWIFT Fundamentals
Learner explains SWIFT fundamentals, SWIFTNet, message categories and types, BIC structure under ISO 9362, and the mandatory fields of an MT103. Learner uses real examples with amounts, banks and message names to show how the topic works in practice.
SWIFT fundamentals: SWIFTNet, message types and the BIC.
What You Can Do After This Chapter
Learning objective. Learner explains SWIFT fundamentals, SWIFTNet, message categories and types, BIC structure under ISO 9362, and the mandatory fields of an MT103. Learner uses real examples with amounts, banks and message names to show how the topic works in practice.
Practical assessment. Learner receives a raw MT103 message and a BIC, then splits the message into its five blocks, decodes the BIC under ISO 9362, classifies the message by category and type, and traces the payment across SWIFTNet from sender to receiver with each hop named. Learner submits all work with sources, calculations and assumptions stated clearly, and reviews the result against the chapter checklist before submission.
Expected deliverables.
- MT message block diagram with labels
- BIC decoding worksheet under ISO 9362
- SWIFT message category and type table
- Traced payment journey across SWIFTNet
Completion criterion. Learner decodes the message blocks and BIC correctly, classifies the message accurately, and traces the SWIFTNet journey with every hop named. Completion is judged on accuracy, completeness and clear written explanation throughout.
- What SWIFT Is and What It Is Not
- SWIFTNet: How Banks Connect
- SWIFT Message Types, Groups and Categories
- The BIC Code: ISO 9362 and How a BIC Identifies an Entity
- How a BIC Routes a Message Across SWIFTNet
- FIN, InterAct and FileAct
- Worked Example: Follow One Message from a Bank in Paris to a Bank in Singapore