All parties to the financial institution transfer (Sequence A) must be financial institutions.
The transfer of funds between the ordering institution and the beneficiary institution is always related to an underlying customer credit transfer. Field 21 must refer to the underlying transaction.
The MT 205 COV must not be used to convey customer credit transfer instructions; it is used to order the movement of funds related to an underlying customer credit transfer that was sent with the cover method.
Where an inward MT 202 COV or MT 205 COV results in an onward MT 205 COV, the reference from field 21 of the inward message must be passed on unchanged in field 21 of the onward message.
The MT 205 COV must not be forwarded to the beneficiary financial institution for reporting purposes.
