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A MT999 is a message type in the SWIFT system used in financial transactions. It is a free format message that is used to confirm the details of a transaction or provide information about a payment. MT999 messages are not considered as financial instructions, but rather as a way to communicate information between financial institutions.
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Is an mt199 or mt999 a cash instrument?
No
What is the difference between mt199 and mt999?
MT199 and MT999 are both message types used in the SWIFT network for financial messaging. The MT199 is a free-format message used for general inquiries or communications between financial institutions, while the MT999 is specifically a free-format message that does not have any predefined fields or structure and can be used for various purposes not covered by other message types. Essentially, MT199 is more focused on inquiries, while MT999 serves as a catch-all for miscellaneous communications.
What is a swift transfer mt999 means?
There is no such thing as a SWIFT MT999 transfer. A SWIFT MT999 is merely a means of communicating with another SWIFT party in much the same way as telex. As with telex, it is not "authenticated." By "MT" means money transfer. This is also done by SWIFT using message types MT202 and MT103. These messages are "authenticated" and bear an electronic signature to prove their origin. An authentication key has to be agreed and set up between the parties concerned, this is called RMA.
What is use of mt999?
MT999 is a message type used in the SWIFT network for free format messages. It allows financial institutions to send non-standardized messages that do not fit into other predefined categories, facilitating communication between banks for various purposes, such as inquiries or clarifications. Typically, it is utilized to exchange information that may require immediate attention or to address specific issues that arise in transactions.
How are mt 199 and mt 799 different?
The postings and replies on this board concerning MT103 continue to be a source of amusement. Swift is a closed, private telecoms network whose subscribers are banks, merchant banks, securities houses and other qualified financial institutions. Banks send messages to one another on the Swift system using formats known as MTs (Message Types) numbered from MT100 to MT999, each for a different purpose. MT103 is the format banks use when they effect what is known to a layman as a wire transfer, cable transfer, telegraphic transfer or Swift transfer. Suppose A has an account with Bank X and he needs to transfer money to B whose account is with Bank Y in another country. A goes to Bank X, fills out a remittance form with all particulars. Bank X debits A's account and sends a Swift MT103 to Bank Y. Bank Y debits Bank X and credits B's account and advises B that it has received a remittance. That is all there is to MT103. Nobody who does not work in the telex room of a bank needs to know any more than that. MT103 is a definite, authenticated, unconditional transfer of funds. In the above example Bank Y must credit B's account, nothing more nothing less. There is no such thing as a Conditional MT103.It's another brokerspeak MT 199 Free Format Message Scope: This message type is normally used by financial institutions to send information for which another message type is not applicable. Usage: It can be used as a status message to report reasons for a transaction instruction not being executed or as a message to reject a transaction. FOR FUTHER INFO, PLEASE CHECK THE FOLLOWING LINKS: http://www.swift.com/index.cfm?item_id=61084 http://managementdiscovery.com/199.html .
