SWIFT The global provider of secure financial
messaging services

MT 202 COV - standards release seminar


Learning channels:  On-site training  Private Web class

Since November 2009, you should be using the mandatory cover message MT 202 COV. This comprehensive course shows you how to create the MT 202 COV Financial Institution Transfer message in order to comply with the transparency requirements in SWIFT payments messages. This course also covers in detail the FATF compliant usage of the 'Ordering Customer'-field.

If you are interested in learning about the MT 202 COV, we recommend you to attend our two-day course 'Payments and cash management - using FIN messages' Alternatively, you can request an on-site training ont the MT 202 COV only. Please contact your regional SWIFT office for more information

Audience

This course is targeted at back-office staff from payments departments, as well as business analysts and IT staff (developers, etc.) who need to learn about the MT 202 COV (and MT 205 COV), and the field 50F.

You will learn how to

  • Create and interpret MT 202 COV messages through different scenarios and practical examples
  • Use the MT 202 COV according to Market Practices Guidelines
  • Correctly format the 'Ordering Customer'-field 50 option F through different scenarios and practical examples

Course content

Various case studies and exercises illustrating market practices will guide you through the following topics:

  • Background information on Standards Release 2009
  • Transparency in cover payments - MT 202 COV
    • Impacted message types
    • Format and validation (including market practice guidelines)
    • Scenarios
  • Transparency of originator - Field 50
    • Impacted message types
    • Format and validation
    • Scenarios

Prior knowledge

It is recommended to have prior knowledge of the SWIFT payments messages. This knowledge can be acquired through the two-day classroom course or eTraining module Payments and cash management - using FIN messages.

Duration

The course duration depends on the learning channel you choose:

  • On-site training: 1/2 day
  • Web class: 3,5 hours