payments

SWIFT

SWIFT MT/MX messages, BIC, correspondent banking

SWIFT — Overview

SWIFT MT/MX messages, BIC, correspondent banking

SWIFT (Society for Worldwide Interbank Financial Telecommunication) routes cross-border payments via BIC codes. Legacy MT103 (single customer transfer) migrates to ISO 20022 pacs.008. SWIFT gpi tracks payments end-to-end with UETR.

// SWIFT MT103 (legacy) — single customer credit transfer
:20:TRFREF20260704001
:23B:CRED
:32A:260704USD5000,00
:50K:/123456789
Alice Corp
:59:/987654321
Bob Ltd
:71A:OUR

// ISO 20022 replacement — pacs.008
// UETR for SWIFT gpi tracking
UETR: 123e4567-e89b-12d3-a456-426614174000

// Correspondent banking chain
Debtor Bank → Intermediary → Creditor Bank
// Each hop adds fees and latency (1-3 days)

Tip: Sanctions screening (OFAC) must run on every SWIFT message field — name, address, BIC, and intermediary banks.