What is an MT202?

What is an MT202?

When a SWIFT payment is booked, an MT103 payment confirmation is created. This is a message from the sending bank to the recipient's bank, instructing the recipient's bank to credit the recipient a certain amount. 

However, often for international SWIFT payments, funds have to move between several different banks before they reach the recipient. The way that the banks in between the sender and recipient communicate the transfer of these funds is with an MT202 cover message.

Diagram of international money transfer process showing the flow of MT202 COV, MT910, and MT103 messages between payer, originating bank, correspondent banks, and recipient's bank.

This MT202 message informs each of the banks in the chain of the payment amount, currency and recipient bank.

The MT202 also creates an audit trail, so it's easy to see who helped process the transfer of funds from the sender to the recipient. SWIFT has also recently implemented their updated, SWIFTgpi system. This will provide banks and financial institutions with huge improvements to the tracking and visibility of payments made via the SWIFT payment network.

If you make an international payment via SWIFT, you probably won't see the MT202, but you may be able to see the MT103 payment confirmation. 

How do I view my MT103?

Here at Money Mover, we value transparency and security above all else. Knowing where your money is at all times during the transaction process is a comfort and a convenience.

That's why we give you direct access to the MT103 for every one of your payments made through our platform. 

All banks and financial institutions which make payments via SWIFT will have an MT103 for every payment, but they are unlikely to let you have them. 

MT202 Fields

Field

Field Name
:20 Transaction Reference Number
21 Related Reference
:32A Value Date / Currency / Interbank Settled
:52A or D Ordering Institution (Payer's Bank)
:53A, B or D Sender's Correspondent (Bank)
:54A, B or D Receiver's Correspondent (Bank)
:56A, C or D Intermediary (Bank)
:57A, B, C or D Account with Institution (Beneficiary's Bank)
:58A Beneficiary Institution
:72 Sender to Receiver Information

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