ISO20022
A single standardization approach (methodology, process, repository) to be used by all financial standards initiatives
SWIFT
23E, Instruction Code in MT103
Field 23E, Instruction Code in MT103 MT103 field 23E stands for instruction code. 23E is an optional field in MT103 and it can occur more than once. Format: 4!C[/30x] – 4 Character Code, optionally followed by ‘/’ and additional text of 30 characters List of allowed instruction codes in field 23E of MT103 CHQB – …
National Clearing System Codes
NCC – National Clearing System codes are used when you need to clear payment with a country’s local clearing for the allowed currency, this is also know as routing number or national id. In SWIFT MT message we use 2 character code where as in MX message we uses upto 5 character code. Under MX …
SWIFT Messages
SWIFT MT Message Categorization Category 1 – Customer Payments and Cheques Category 1 consists of the following types of customer related payment messages: customer credit transfers customer debit transfers cheque payments The messages in this category deal with payments, or information about payments, in which the ordering party or the beneficiary, or both, are not …
SWIFT
SWIFT in Banking: SWIFT stands for the “Society for Worldwide Inter-bank Financial Telecommunications“. It is a messaging network that the institutions uses to securely transmit information and instructions through a standardized system of codes. SWIFT assigns each organization (Both FI and Non-FIs) a unique code that has either eight characters or 11 characters. The code …
BIC – The SWIFT ID
“BIC“, stands for “Bank Identification Code” or “Business Identifier Code”. BIC is an unique code for each bank. BIC can be of 8 or 11 characters, if branch is not know then it can be marked as “XXX”. Standard: ISO 9362 (Modified in 2009, 2014) Example: SBININBB230 SBIN – Institution Code (Financial or Non-Financial), here …