Hi Tim,
As per my knowledge The MT103 and MT202COV are opened together as a pair.
it is specific to cover customer credit transfers (MT 103), the MT 202 COV is not an alternative message type but the exclusive method to cover third party payments, the MT 202 remains a valid message for interbank transfers.
MT 202 Examples
Example 1 MT 202 as a Cover Payment
Franz Holzapfel G.m.b.H. orders Bank Austria, Vienna, to pay pounds sterling 1,285.40 into H.F. Janssen's account (number 125-00698) with ABN Amro Bank, Amsterdam.
Bank Austria sends two SWIFT messages:
- A. A customer transfer request to ABN Amro Bank, Amsterdam, using reference 494934/DEV.
B. A cover message for the Pounds Sterling payment, which is provided through its account number 15158000 at Midland Bank, London.
MT 202 Examples
Example 1 MT 202 as a Cover Payment
Franz Holzapfel G.m.b.H. orders Bank Austria, Vienna, to pay pounds sterling 1,285.40 into H.F. Janssen's account (number 125-00698) with ABN Amro Bank, Amsterdam.
Bank Austria sends two SWIFT messages:
A. A customer transfer request to ABN Amro Bank, Amsterdam, using reference 494934/DEV.
B. A cover message for the Pounds Sterling payment, which is provided through its account number 15158000 at Midland Bank, London.
Information Flow
Message A SWIFT MT 103 Single Customer CreditTransfer
SWIFT Message, MT 103
Explanation | Format |
Sender | BKAUATWW |
Message type | 103 |
Receiver | ABNANL2A |
Message text |
|
Sender's reference | :20:494934/DEV |
Bank operation code | :23B:CRED |
Value date/currency code/amount | :32A:980527GBP1285,40 |
Currency/Instructed Amount | :33B:GBP1285,40 |
Ordering customer | :50K:FRANZ HOLZAPFEL GMBH VIENNA |
Sender's correspondent (1) | :53A:MIDLGB22 |
Beneficiary customer | :59:/125-00698 H.F. JANSSEN LEDEBOERSTRAAT 27 AMSTERDAM |
Details of charges | :71A:SHA |
End of message text/trailer | |
(1) Field 53A indicates the institution which is to provide the funds to the Receiver on behalf of the Sender.
Message B SWIFT MT 202 Cover Message
Information Flow
SWIFT Message, MT 202
Explanation | Format |
Sender | BKAUATWW |
Message type | 202 |
Receiver | MIDLGB22 |
Message Text | |
Transaction reference number | :20:213804/887 |
Related reference (1) | :21:494934/DEV |
Value date/currency code/amount | :32A:980527GBP1285,40 |
Account used for reimbursement | :53B:/15158000 |
Beneficiary institution | :58A:ABNANL2A |
End of message text/trailer | |
(1) The related reference is the Sender's Reference of the MT 103 Customer Credit Transfer.
Hope this will help you to resolve the issue.
Thanks
Prasad