The entire chain of parties and the transaction flow is illustrated by the following figure:
The parties mentioned in the chain are not necessarily different entities. The first column of the table below shows the parties that can be omitted in an MT 107. The second column specifies the party which assumes the role of the party in the first column, when it is not present:
 If the following party is missing ... |
Their function is assumed by ... |
|---|---|
| Creditor's bank (field 52a) |
Sender |
| Instructing Party (field 50C or 50L) |
Creditor (field 50A or 50K) |
| Debtor's bank (field 57a) |
Receiver |
The use of the MT 107 is subject to bilateral/multilateral agreements between the Sender and the Receiver. Amongst other things, these bilateral agreements cover information about transaction amount limits and definitions of direct debit schemes. The MT 107 Checklist at the end of this chapter is recommended as a guide for institutions in the setup of their agreements.
