How to verify SWIFT transfer?

How to Verify SWIFT Transfers Using MT 199 Messages

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network that facilitates secure financial transactions between banks and other financial institutions. Verifying SWIFT transfers is crucial to ensure the accuracy and timely delivery of funds.

Using MT 199 Messages for SWIFT Transfer Verification

To verify a SWIFT transfer, you can initiate an MT 199 message to a designated gpi Tracker BIC (Bank Identifier Code). gpi (global payments innovation) is a SWIFT initiative that enhances transparency and speed in cross-border payments.

An MT 199 message is a specific type of SWIFT message used to request confirmation of payment details. It is sent through your existing SWIFT interface and typically includes the following information:

• Sender and receiver details
• Transaction amount and currency
• Date and time of transfer
• Transaction reference number

Steps to Verify a SWIFT Transfer Using MT 199

1. Obtain the designated gpi Tracker BIC: Contact your bank or the SWIFT Customer Support Center to get the appropriate BIC for gpi tracking.
2. Send an MT 199 message: Initiate an MT 199 message using your SWIFT interface. Ensure you provide all the necessary details as mentioned above.
3. Receive the response: The designated gpi Tracker BIC will send you a response message (typically an MT 198 message) confirming the payment details.
4. Verify the information: Carefully review the response message to ensure that the details match your transfer instructions. If there are any discrepancies, contact your bank or the sender’s bank immediately.

Benefits of Using MT 199 for SWIFT Transfer Verification

• Enhanced security: MT 199 messages are encrypted and secure, ensuring the confidentiality of your transaction information.
• Real-time tracking: You can track the status of your SWIFT transfer in near real-time by sending MT 199 messages.
• Faster resolution of issues: If there are any issues with the transfer, the response message will provide details that can help you resolve them quickly.
• Proof of payment: The response message serves as proof of payment, which can be valuable for both the sender and receiver.

By following these steps and utilizing MT 199 messages, you can effectively verify SWIFT transfers and ensure the accuracy and timely delivery of your funds.