MT Stands for Money Transfer in banking terms. A Money Transfer is a transaction wherein money is transferred from the bank account of one customer into the bank account of another customer. For Ex: let us say I owe you Rs. 5000/- which I borrowed last month and I know your bank account number. I can just login to my bank account and transfer the money to your account using the MT facility
what is MT 799 for banking
the term mt in banking means money transfer
Here is a link to a glossary of banking terms. Click the link in 'Related Links'.
An M& 706 in banking is simply a request to transfer funds. Transferring money from any account to another one is referred to as an MT 706.
what do you mean by clearance in banking
rural banking
Banks issue letter of credits for which they generate the swift message "MT 700".
it means that in your account their is 1 to many transcation is made and to make an entry the bulk posting is made .
core banking solution
An MT 103 is a SWIFT banking code or message. The MT 103 typically means a wire transfer is about to be made as a form of payment.
A Swift MT 420 is actually a type of integration project. It is used in the banking world, particularly in interest rates.
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