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The group indicated by 0 is a financial institution transfer. The third digit (3) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 3 is a notification. A MT103 message is considered a "Single Customer Credit Transfer" and is used to instruct a funds transfer. [4]
SWIFT was set up out of fear of what might happen if a single private and fully American entity controlled global financial flows – which before was First National City Bank (FNCB) of New York – later Citibank. In response to FNCB's protocol, FNCB's competitors in the US and Europe pushed an alternative "messaging system that could replace ...
All cover payments involve two messages, the MT103 and the MT202 COV. MT103 is the direct payment order to the beneficiary's bank that results in the beneficiary's account being credited a specific funding amount. The MT202 COV is the bank-to-bank order that instructs funds movement in alignment with the MT103 messages.
This type is similar to a single-reel cartridge in that there is no take-up reel inside the tape drive. [ citation needed ] The IBM 7340 Hypertape drive, introduced in 1961, used a dual reel cassette with a 1-inch-wide (2.5 cm) tape capable of holding 2 million six-bit characters per cassette.
Music on hold (MOH) is the business practice of playing recorded music to fill the silence that would be heard by telephone callers who have been placed on hold.It is especially common in situations involving customer service.
The Clearing House Automated Transfer System, or CHATS, is a real-time gross settlement (RTGS) system for the transfer of funds in Hong Kong. It is operated by Hong Kong Interbank Clearing Limited ( HKICL ), a limited-liability private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks .
A music download is the digital transfer of music via the Internet into a device capable of decoding and playing it, such as a personal computer, portable media player, MP3 player or smartphone. This term encompasses both legal downloads and downloads of copyrighted material without permission or legal payment.
The Moving Picture Experts Group (MPEG) designed MP3 as part of its MPEG-1, and later MPEG-2, standards.MPEG-1 Audio (MPEG-1 Part 3), which included MPEG-1 Audio Layer I, II, and III, was approved as a committee draft for an ISO/IEC standard in 1991, [14] [15] finalized in 1992, [16] and published in 1993 as ISO/IEC 11172-3:1993. [7]