The output messages that SWIFT sends to the receiver, have slightly different formats (See block 1 and block 2 definitions) than input messages. On the picture, Input and output messages are highlighted to make you aware that the message sent, is not exactly the same received by the receiver. Let’s first look at the picture depicting the messages and the different parties. In this article, we will perform a detailed analysis of a MT103 announcement sent by the debtor bank to the creditor bank. We can now consider concrete examples of SWIFT MT103 202 cover payments, see which parties are involved and the content of the messages that they exchange. The introduction and analysis of SWIFT cover and serial payments in a previous article provided us with a good foundation to move further.
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