record-for-first-data-working-group-oct-17.pdf

Here are the key points summarized:

CHAPS Message Structure

• MT202 messages are financial institution to financial institution payments
• Some fields are structured (e.g., OUR/SHA/BEN for Sender to Receiver Information)
• Other fields are unstructured, using a free text format (e.g., Remittance Information)

MT202 Fields

• SWIFT Sender and Receiver codes

• Transaction Reference Number

• Date, Currency Code, Amount

• Ordering Institution and Beneficiary Institution codes

• Additional fields in MT202COV messages for payment transparency:

  • Instructed Amount COV
  • Instructed Currency COV
  • Ordering Customer COV
  • Beneficiary Customer COV
  • Remittance Information COV
  • Related Reference
  • Sender to Receiver Information COV

MT202COV Message

• Introduced in 2009 as part of SWIFT standards update for payment transparency
• Aimed to improve compliance with global AML regulations