This message requires the implementation of special procedures, with its use governed by at least the following two bilateral agreements:
Between the account servicing financial institution and the ordering customer.
Between the sending financial institution and the ordering customer.
Depending on local market practice, additional bilateral agreements may be required, for example:
Between the sending financial institution and the receiving financial institution.
Between the account servicing financial institution and the instructing party.
Institutions are recommended to use the MT 101 Operational Rules and Checklist as a guide for establishing their agreements. These bilateral agreements cover the responsibilities/liabilities of the parties of the request for transfer, the transaction amount limits, etc.