Question:

Bank SWIFT message text "MT600"

by Guest8928  |  12 years, 11 month(s) ago

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What does the Bank SWIFT message text "MT600" mean? Is there anyone who knows about it? If anyone of you have information regarding this kindly share it with me.

 Tags: bank, Message, quotMT600quot, swift, text

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3 ANSWERS

  1. amomipais82
    Hi,
    SWIFT is an abbreviation for Society for WorldWide International Financial Telecommunication.  

    This organization operates a worldwide financial messaging network. Messages are securely and reliable exchanged between banks and other financial institutions. The majority of the international interbank messages use the SWIFT network.  

    During the settlement process, when there is a situation wherein the counterparty claims that they have paid the funds, but we do not see that hitting our account, we would have to ask the counterparty for the SWIFT. On receipt of the same, we would have to check if they funds have been paid to the right SSI’s. Below is an example of a SWIFT message received.    

    :20:DCM9907230
    :23B:CRED
    :32A:071015EUR35960,
    :33B:EUR35960,
    :50A:/429276230
    ABNAGB2P
    :56A:DEUTDEFF
    :57A:/DE14500700100963408001
    MSLNGB2X
    :59:/04F511002
    SOLENT CREDIT OPPORTUNITIES MAS
    FUND
    :71A:OUR
    }}{5:{MAC:76349D31}{CHK:78117F4168F9}}  

    Some of the important aspects to be noted in the above SWIFT are:

    Field 32A – This gives the date, currency and Amount. The date would be in the reverse order (YYMMDD). In the above example, we read the date as 15 Oct 2007.

    Field 33 B – This field gives the name amount and currency again

    Field 50 A – This is the account number and BIC code of the counterparty.

    Field 56 A – This states the BIC code of the agent bank of the Prime Broker.

    Field 57 A – This gives the IBAN / account number and the SWIFT of the Prime Broker

    Field 59 – This mentions the details of the Further Credit Account – Name of the fund and the account number of the fund with the PB.  

    Once we see that the last 2 details are right, we forward this to the Prime Broker and query for the funds and ask them to apply it to the account of the client.  

    The SWIFT is a very important tool to ascertain whether the funds have reached the right place. Another important aspect is that, every payment would be assigned with a unique reference number. If we give this reference number to the Prime Broker, they should be able to track the payment.  

    Say we have made some payments to the counterparty and they are unable to see the receipt of the funds coming in. In this scenario, they might query us for a copy of the SWIFT. We could get it from our Prime Broker and furnish it to the counterparty.

    SWIFT’s - General Glossary of Terms

    –A—  

    Account Owner An institution for which an account is serviced at another institution (account servicing institution). The account owner will often refer to the account as a nostro, or due from, account.  

    Account Relationship The relationship between two parties arising from the holding of at least one account between them.  

    Account Servicing Institution An institution that is the depository for an account for another institution (account owner). The account servicing institution will often refer to the account as a vostro, or due to, account.  

    Account Servicing Institution’s Reference A reference assigned by the account servicing institution to identify the transaction. (This is the reference to which the account owner refers in cases of inquiry to that financial institution.)  

    Address A method of precisely describing a physical location. The SWIFT system permits three formats: ISO Bank Identifier Code (which includes registered SWIFT addresses); name and address; or simply place (when the institution itself is implied by other parts of the message).  

    Affiliate Institution For SWIFT purposes, a financial institution sharing, with one or more other financial institutions, some aspects of common ownership and control. If these financial institutions have ISO Bank Identifier Codes, they may have the same or different bank codes.

    Answerback  Code name of a telex subscriber, printed automatically by the telex machine at the start and finish of every message. Answerbacks are unique to the individual user and are used to identify the Receiver.

    Available Balance The balance at the disposal of the account owner on the date specified. The specific formula for the calculation of the balance is dependent upon national, local, legal or bilateral agreement/conventions/requirements.

    Available Funds Funds available for transfer or withdrawal in cash.

    –B–

    Bank For SWIFT purposes, a financial institution authorised or chartered by its national regulatory authority to be designated as a bank.

    Bank Identifier Code (BIC) A universal method of identifying financial institutions in order to facilitate the automated processing of telecommunication messages in financial environments.

    Bilaterally Agreed Account An account used for reimbursement under actual or implied agreement.

    Branch For SWIFT purposes, a domestic or foreign location of an office of a financial institution, assigned to provide financial services on behalf of that financial institution. If this office has an ISO Bank Identifier Code, it will have the same bank code as the related financial institution. In the case of banks, representative offices are not considered branches.

    By Order Of  See `Ordering Institution’ or `Ordering Customer’.

    –C–

    Category The classification of message types into major areas as indicated by the first digit of the message type number. The intention of the category classification is to assist with the internal routing of messages.

    Common Group Category n, common to all categories. The group contains the following message types:

    n90
    Advice of Charges, Interest and Other Adjustments

    n91
    Request for Payment of Charges, Interest and Other Expenses

    n92
    Request for Cancellation

    n93
    Information Service Message

    n95
    Queries

    n96
    Answers

    n98
    Proprietary Message

    n99
    Free Format

    Hope it helps

  2. Guest9534
    What exactly is it?
  3. Guest8821

    MT 600 Precious Metal Trade Confirmation

    MT 600 Scope

    This message type is exchanged between the financial institutions which have agreed to a precious metal trade.

    It is used to confirm the details of:

    a new contract between the parties

    an amendment to a previously agreed contract

    the cancellation of a contract

    the settlement of a metal option which has been exercised.

    This message may also be exchanged to confirm the liquidation of a forward deal.

    In some cases, only one of the financial institutions involved in a contract will send a confirmation to the second financial

    institution. These cases include:

    retransmission due to errors in a previously sent confirmation

    additional information about a previously confirmed contract, (eg, to provide the name of the party in field 57a and/or

    87a, in those cases where the previous confirmation contained the code UNKNOWN).

     


    check out http://www.mtn-cmo-bg.com/swifts/mt600-swift/

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