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Recent Updates


WHAT IS AN MT199

July 7, 2024July 15th, 2024No Comments

MARIEL RHETTA

Content Strategist at Rutland FX
Published on: 06/07/2024 (Updated recently) - 3 minute read


If you regularly make or receive payments on the SWIFT network, you may have
come across the term MT199. In this article, we will explore what MT199 is and
provide some practical examples of its usage.

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WHAT IS AN MT199?

The MT199 is a free-format message used within the SWIFT network. Unlike other
specific MT messages such as an MT103, which are designed for predefined
transactions, the MT199 allows banks and financial institutions to communicate
freely about any topic related to financial transactions. It serves as a
general-purpose message for various uses that do not fit into the predefined
categories.


USES OF MT199

The flexibility of the MT199 message makes it invaluable for several scenarios,
particularly for clarifying or amending transaction details, requesting
information, and addressing issues that arise during the transaction process.
Below are some common uses:

 * Clarifications and Amendments: An MT199 can be used to correct or clarify
   transaction details. For instance, if an error is made in the account name
   during a fund transfer, the sending institution can use an MT199 to request
   the recipient bank to amend the account name to ensure the funds are
   correctly allocated.
 * Requests for Information: Banks can use MT199 messages to request additional
   information related to a transaction, such as verifying the identity of a
   beneficiary or confirming transaction details.
 * Notifications: It can be used to notify the recipient bank about certain
   actions, such as the anticipated receipt of funds or updates on transaction
   status.
 * Recalls: MT199s can be used for recalls or cancellations; however, MT192s are
   more commonly used.

Let’s consider a practical example to illustrate the use of an MT199 message.

Imagine a UK business sends money to a supplier in China to pay an invoice.
Sometimes, banks in China verify incoming payments against the account name. In
this case, the UK business instructed the payment to “Beijing Manufacturing Co
Ltd.” However, the account name as it shows on the recipient’s bank statement is
actually “Beijing International Manufacturing Co Ltd.” This discrepancy can
sometimes cause the receiving bank to hold the payment. When this happens, an
MT199 message can be sent behind the payment, instructing the bank to update the
account name on the original payment message to get the funds allocated to the
correct account.


BREAKDOWN OF THE MT199 MESSAGE FORMAT

Below is an example of a very general MT199 message requesting to update the
account name to “Beijing International Manufacturing Co Ltd”:

{1:F01BANKBEBBAXXX0000000000}{2:I199BANKCNBJXXXXN}{4:

:20:1234567890

:21:CORRECTION

:79:Please amend the account name from “Beijing Manufacturing Co Ltd” to
“Beijing International Manufacturing Co Ltd” for transaction reference
1234567890. -}

 * Block 1: Contains the basic header, specifying the sender’s and receiver’s
   SWIFT codes.
 * Block 2: Contains the application header, indicating the message type (MT199)
   and receiver’s SWIFT code.
 * Block 4: Contains the actual message text which includes the Transaction
   reference number (:20:), Related reference (:21:), often used to specify the
   purpose or nature of the message and finally the narrative or free format
   text (:79:) containing the main body of the message, in this case, the
   request to amend the account name.

It’s important to note that while the MT199 message allows for free-format
communication, there are specific conventions to follow when using it for
responses or acknowledgments. Our breif example is accurate for general requests
and amendments, but for responses or detailed queries, additional structured
data such as message type, date, and session number is usually included to
ensure proper processing by the receiving bank’s systems.

The MT199 message is a versatile tool within the SWIFT network, enabling
financial institutions to communicate freely about transaction-related matters.
Whether it's correcting errors, requesting additional information, or providing
notifications, the MT199 ensures smooth and accurate processing of financial
transactions. Its flexibility and utility make it an essential component of the
global financial messaging system.




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026 0112 or request a callback to discuss your requirements.


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