This section provides a checklist which can be used by banks as a basis for setting up bilateral or multilateral agreements for the processing of cross-border customer direct debit messages, that is, debit transfers transmitted by MT 107 via FIN or FileAct.
It is recommended that all items listed be covered in the bilateral or multilateral agreements. In order to further facilitate the set up of these agreements, common procedures have been defined, which banks, if they wish, may overwrite.
It is recommended that the law of the debtor's country be applied for the entire transaction, including any rejections/revocations or reversals.
In order to properly effect cross-border debit transfers, it is highly recommended that the parties on the creditor's side clearly understand the national practice of the debtor's country, for example, revocation deadlines. It is therefore strongly recommended that financial institutions consult the country section in addition to the list below to ensure that all relevant items are covered in their bilateral agreements.
The checklist is not intended to provide an exhaustive list of items nor does SWIFT claim any responsibility for it:
Currencies accepted
Transaction amount limit
Settlement
Type(s) of debit transfer(s)
Charging options and amounts
Charges specifications in the MT 107
Settlement procedures for charges
Data transmission and bulking criteria
Dates and time frames
Message level controls
Transaction level controls
Rejects of messages and/or transactions
Cancellations
Modifications and changes
