MT950 is the electronic equivalent of your bank statement produced in SWIFT format.
It has the opening balance, details of debits and credits and a closing balance.
Is is sent by the bank who service the account to the account owner. The account owner will then check it against their own 'Nostro' account which is a reflection of the real account.
If you are asking about the MT950 then you are interested in a bank formatted statement which is checked against the Nostro hence the need for applications to do Nostro Reconciliation.
The Nostro is somewhat like your cheque book in that it records what you think you have in your account, the real account (Vostro) balance as shown on the statement is compared.
So if you have just written a cheque out it will be noted in your chequebook and you'll have accomodated that in your balance estimatation, but your real account won't reflect it until the cheque is presented.
The difference between SWIFT MT940 and MT950 is where the message is sent. MT940 is sent from one financial institution to another financial institution. MT950 is sent from a financial institution to a consumer.
SWIFT is a bank processing system usually used overseas. Mt950 refers to an electronic bank statement. It has balance, credits and debts and an end balance.
All MT category 9 messages have to deal with customer status and cash management. A 950 is a statement message that provides balance and transaction details to the account owner.
2 differences: 1) SWIFT MT 940 messages are sent between financial institutions only, whereas MT 950s can be sent directly to (usually large) corporate Swift users 2) MT 940s include a free text field, whereas MT 950s don't
Field 64 is Closing Available Balance (Available Funds)
The fees for MT940 and MT950 messages can vary depending on the bank and the specific services offered. Generally, these fees may range from a few dollars to several hundred, depending on factors like transaction volume and account type. It's best to consult your bank directly for precise pricing tailored to your needs.
In a nutshell the MT940 message has an optional (86) tag that allows for 6 "lines" of free form text related to the specific detail line that is reported.
Mrs Swift- Andrea Karen Swift Mr Swift- Scott Swift Daughter- Claire Molyneaux Swift Famous Daughter- Taylor Alison Swift Son- Austin K. Swift
Scott Swift
Andrea Swift ,Taylor Swift, Scott swift, Austin swift
pretty swift.
Her mother name would happen to be, Andrea Swift.