SWIFT acknowledgements consist of two blocks: Basic Header and Text Block. Basic Header starts with {1:F21} indicating acknowledgement type
MT 103+ is a General Use message for single customer credit transfers. No registration required for sending and receiving this message. Compatible subset of core MT 103 with restricted format options
ISO 20022 enables electronic data exchange between financial institutions. Standard defines metadata repository and maintenance process. Covers payment, securities trading, and credit/debit card transactions. Metadata stored in UML models with ISO 20022 UML Profile
SWIFT is a global messaging network for secure international financial transactions. Each member institution receives unique BIC code (8-11 characters). System processes 44.8 million messages daily through 11,000+ members
Telegraphic transfer (TT) is an electronic fund transfer for overseas wire transactions. Originally used Morse code between banks via telegraph wires. Now uses secure cable networks and cloud-based apps
Correspondent bank acts as intermediary between domestic and foreign banks. Domestic banks use correspondent banks to access foreign financial markets. Banks hold accounts called nostro (our account) and vostro (your account)