SWIFT AND STANDARD MESSAGING SYSTEM
Objective:
This training program is designed for SWIFT users who are preparing swift messages in various departments in a bank like letters of credits, guarantees, remittances, bills, treasury back office and others. This also includes people likely to handle the above-mentioned functions. This will help your organization to build a team of in-house experts you can rely on at any time. Further it will help you to reduce manual intervention on the messages send thereby resulting in lower cost of messages.
Nevertheless, it will help in building confidence to the users as they will be able to identify and apply required fields with appropriate message style. The program includes introductory chapter, field recognition, message types and various MT examples.
Workshop Coverage:
Messaging system in financial institutions: A journey from Letters to SWIFT
- SWIFT: Brief introduction, history and present status
- Reading Bank Identification Code (BIC), Message type (MT), Straight through processing (STP), Notations
Processing SWIFT messages
- Customer payments and charges
- MT 102 – multiple customer credit transfers
- MT 103 – Single customer credit transfers
- MT 111 – request for stop payment of a cheque
- Financial institutions transfer
- MT 200 – Financial Institution transfer for its own account
- MT 202 – General financial institution transfer
- Treasury Markets – Foreign exchange and Money markets
- MT 300 – Foreign exchange confirmation
- MT 320 - Fixed loan/Deposit confirmation
- MT 340 – Forward rate agreement confirmation
- Collections and Cash Letters
- MT 400 – Advice of payments
- MT 410 – Acknowledgement
- MT 412 – Advice of Acceptance
- MT 416 – Advice of non-payment/non-acceptance
- Documentary Credits and Guarantees
- MT 700/701 – issue of Documentary Credits
- MT 707 – Amendment to LC
- MT 740 – Authorization to reimburse
- MT 750 – Advice of discrepancy
- MT 760 – Issuance of guarantee/Standby documentary Credit
Technical aspects of SWIFT operations, Message flow and hindrances, Message repair and cost
Various risks associated in SWIFT and mitigating aspects.