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The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a cooperative established in 1973 in Belgium (French: Société Coopérative) and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. [2]
SWIFT messages consist of five blocks of data including three headers, message content, and a trailer. Message types are crucial to identifying content. All SWIFT messages include the literal "MT" (message type/text [2]). This is followed by a three-digit number that denotes the message category, group and type. Consider the following two examples.
The MT202 COV instruction then works across the correspondent banking network, instructing funds to move across intermediate banks. The MT202 is the original standard message format. It does not contain both the origination and destination FI /account information.
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office.
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Swift trust is a form of trust occurring in temporary organizational structures, which can include quick starting groups or teams. It was first explored by Debra Meyerson and colleagues in 1996. In swift trust theory, a group or team assumes trust initially, and later verifies and adjusts trust beliefs accordingly. [1]
Relationship Management Application (RMA) is a service provided by SWIFT to manage the business relationships between financial institutions. [1]RMA operates by managing which message types are permitted to be exchanged between users of a SWIFT service: [1]
MT940 is a specific SWIFT message type used by the SWIFT network to send and receive end-of-day bank account statements. [1]Message Type 940 is the SWIFT standard (Banking Communication Standard) for the electronic transmission of account statement data.