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MT999 is similar as MT799, is a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. The MT799/MT999 is not a form of payment and it is not a bank undertaking or promise to pay. It is simply a bank to bank confirmation of the funds on deposit, nothing more.
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∙ 12y ago
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Is an mt199 or mt999 a cash instrument?
No
What is a swift transfer mt999 means?
There is no such thing as a SWIFT MT999 transfer. A SWIFT MT999 is merely a means of communicating with another SWIFT party in much the same way as telex. As with telex, it is not "authenticated." By "MT" means money transfer. This is also done by SWIFT using message types MT202 and MT103. These messages are "authenticated" and bear an electronic signature to prove their origin. An authentication key has to be agreed and set up between the parties concerned, this is called RMA.
How are mt 199 and mt 799 different?
The postings and replies on this board concerning MT103 continue to be a source of amusement. Swift is a closed, private telecoms network whose subscribers are banks, merchant banks, securities houses and other qualified financial institutions. Banks send messages to one another on the Swift system using formats known as MTs (Message Types) numbered from MT100 to MT999, each for a different purpose. MT103 is the format banks use when they effect what is known to a layman as a wire transfer, cable transfer, telegraphic transfer or Swift transfer. Suppose A has an account with Bank X and he needs to transfer money to B whose account is with Bank Y in another country. A goes to Bank X, fills out a remittance form with all particulars. Bank X debits A's account and sends a Swift MT103 to Bank Y. Bank Y debits Bank X and credits B's account and advises B that it has received a remittance. That is all there is to MT103. Nobody who does not work in the telex room of a bank needs to know any more than that. MT103 is a definite, authenticated, unconditional transfer of funds. In the above example Bank Y must credit B's account, nothing more nothing less. There is no such thing as a Conditional MT103.It's another brokerspeak MT 199 Free Format Message Scope: This message type is normally used by financial institutions to send information for which another message type is not applicable. Usage: It can be used as a status message to report reasons for a transaction instruction not being executed or as a message to reject a transaction. FOR FUTHER INFO, PLEASE CHECK THE FOLLOWING LINKS: http://www.swift.com/index.cfm?item_id=61084 http://managementdiscovery.com/199.html .
