Narrative
Value 27 May 2009, Mr. Big orders Bank A, Brussels to pay an invoice with number 1234 of USD 10,500.00 to Mr. Small who has an account 987654321 with Bank B, London.
Bank A processes this transaction through cover method by sending:
A customer credit transfer message MT 103 to Bank B, using reference 090525/123COV.
A message MT 202 COV with reference 090525/124COV for the USD payment to its USD correspondent Bank C, New York for credit of Bank B, London on their account 123444555 at Bank D, New York.
Information Flow
SWIFT Message, MT 103
 Explanation |
Format |
|---|---|
| Sender |
|
| Message type |
|
| Receiver |
|
| Message text |
|
| Sender's reference |
|
| Bank operation code |
|
| Value date/currency code/amount |
|
| Currency/Instructed Amount |
|
| Ordering customer |
|
| Sender's correspondent |
|
| Receiver's correspondent |
|
| Beneficiary customer |
|
| Remittance information |
|
| Details of charges |
|
| End of message text/trailer |
|
Information Flow
SWIFT Message, MT 202 COV
| Explanation |
Format |
|---|---|
| Sender |
|
| Message type |
|
| Receiver |
|
| Validation flag |
|
| Message Text: General Information |
|
| Transaction reference number |
|
| Related reference
(1) |
|
| Value date/currency code/amount |
|
| Account with Institution |
|
| Beneficiary institution |
|
| Underlying Customer Credit Transfer Details |
|
| Ordering customer |
|
| Beneficiary customer |
|
| Remittance information |
|
| Currency/Instructed Amount |
|
| End of message text/trailer |
|
(1) The related reference is the Sender's Reference of the MT 103 Customer Credit Transfer.
