Friday, February 3, 2017

SWIFT Message preparation involves several steps

Message preparation involves several steps:
  1. You can create messages with the Message Creation application.
    You can always create SWIFT messages.
    The next stage of message processing depends on the message type and format, as well as the permission and routing defined by your institution:
    • SWIFT FIN messages must be verified or authorised, or both
    • SWIFT system messages do not have to be verified, but must be authorised.
  2. The Message Approval application verifies the key fields in SWIFT FIN messages, such as value dates, currencies, and amounts.
    The creator of a message does not normally verify it. The verifier re-enters the key fields, which appear as blanks when the message is displayed. The original and re-entered fields must match for the message to be verified successfully. Messages that are waiting for verification are held in the Message Verification queue (_MP_verification).
  3. Verified SWIFT FIN messages and SWIFT system messages are authorised for release to the appropriate network with the Message Approval application.
    During authorisation, a visual check of the message is made. Normally, supervisors authorise messages. Messages waiting for authorisation are held in the Message Authorisation queue (_MP_authorisation).
  4. When authorised, the message is transferred to the appropriate queue for the network specified within the message. Alliance Access takes messages from the network queues and transmits each message on the network automatically.

2 comments:

  1. We want to create Swift Messages for Collateral Transactions and Interactions. Please mail me on donmil@gmail.com or call me on 8904307332.

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  2. I think you can find all these data over swift portal. This is bookish material and u just can’t grab it. Collateral messaging scope now exists at ISO20022. Ask guru to tell collateral mt types used in xml format. This is old stuff and outdated

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