MT202 (SWIFT Bank-to-Bank Transfer)
MT202 is the SWIFT message type used for a general bank-to-bank funds transfer. It is most often the "cover payment" sent between correspondent banks behind a customer-facing MT103. Draft an MT202 now → · Track any payment free →
Details
When a customer sends an MT103 from Bank A to Bank B in another currency, Bank A also sends an MT202 (or MT202COV) instructing its correspondent in that currency to move the funds to Bank B's correspondent. Customers never see the MT202 — it is the "background" settlement instruction that moves the money between banks, while the MT103 carries the customer-facing payment details the beneficiary bank needs to credit the account.
MT202COV is a critically important variant that carries the underlying customer transaction details — specifically the ordering customer (name and address) and the beneficiary (name and account) from the MT103 being settled. Regulators in most major jurisdictions now require MT202COV rather than plain MT202 for cover payments, because the underlying customer data is needed at every correspondent bank for sanctions screening and anti-money-laundering compliance. Banks using plain MT202 for cover payments without the COV details can face regulatory action in the US, EU, UK, and APAC.
Structure of an MT202: Block 1 and 2 identify the sender/receiver bank pair. Block 3 carries the UETR (field 121) linking the cover payment to the customer MT103 it settles. Block 4 contains: field 20 (sender's reference), field 21 (related reference — echoes the field 20 of the originating MT103), field 32A (value date, currency, amount), field 52A (ordering institution), field 53A (sender's correspondent), field 54A (receiver's correspondent), field 56A (intermediary bank, if any), field 57A (account with institution — where the funds should ultimately arrive), field 58A (beneficiary institution). The fields are fewer than MT103 because there is no customer-facing remittance information.
In ISO 20022, the MT202 is replaced by pacs.009 (FinancialInstitutionCreditTransfer) and pacs.009.COV carries the underlying customer transaction data, mirroring the MT202COV obligation. As SWIFT's CBPR+ migration completed in November 2025, new interbank cover payments on cross-border corridors should originate as pacs.009. The same UETR is shared across the customer payment and its cover — meaning Ohmyfin tracks the full chain under one lookup.
Common MT202 errors: (1) Using plain MT202 instead of MT202COV when regulations require the COV variant — may result in compliance holds or penalties. (2) Missing or wrong field 21 (the related MT103 reference) — breaks the audit trail. (3) Sending MT202 with a different value date from the MT103 — causes settlement mismatches and nostro reconciliation failures. (4) Omitting the UETR in field 121. Best practice: always use MT202COV, ensure field 21 echoes the MT103 field 20, and confirm the UETR is in block 3.
Key facts
- Bank-to-bank instruction — customers never see it
- Often the "cover" behind an MT103 customer credit transfer
- MT202COV carries underlying customer data for compliance — required in most jurisdictions
- Field 21 links the MT202 to its parent MT103 (echoes field 20)
- UETR in field 121 ties the cover to the customer payment tracking trail
- ISO 20022 equivalent is pacs.009 (COV variant = pacs.009.COV)
Frequently asked questions
Will I ever see an MT202 as a customer?
Normally no. MT202 is a bank-to-bank instruction. Your payment confirmation will reference the MT103, not the MT202 cover. However, corporate treasury teams dealing directly with correspondent banking may see MT202 references in SWIFT message reports.
What is the difference between MT202 and MT202COV?
MT202 is the basic interbank transfer instruction. MT202COV adds a "Cover" section that repeats the underlying customer payment details (ordering customer name/address and beneficiary details) from the originating MT103. Most regulators now require MT202COV to ensure sanctions screening can be applied at every correspondent bank in the chain.
Is the MT202 being phased out?
Yes — pacs.009 (ISO 20022) is the replacement as part of SWIFT's CBPR+ migration. MT202 and pacs.009 coexisted during the transition period that ended November 2025, after which all new interbank cover payments on SWIFT CBPR+ corridors should originate as pacs.009.
Can I track an MT202 on Ohmyfin?
Ohmyfin tracks payments by UETR. If the MT202 carries a UETR in field 121 (mandatory for GPI-enabled payments), you can look it up on Ohmyfin and see the full payment status and correspondent chain.
What is field 21 on an MT202?
Field 21 (Related Reference) on an MT202 is filled with the field 20 reference of the originating MT103 customer payment. This creates a documented link between the cover payment and the customer transaction it is settling, essential for reconciliation and audit purposes.
Why do some payments have both an MT103 and an MT202?
The MT103 is the customer-facing payment instruction: it tells the beneficiary bank to credit the customer account. The MT202 is the interbank funding instruction: it tells the sending bank's currency correspondent to move the actual funds to the beneficiary bank's correspondent. Both messages work together to complete a single customer payment end to end.
Related guides
Related — more from payments glossary and beyond
Get 100 free credits — track unlimited SWIFT payments
No card needed. Free for ordinary users — 10 free trackings per day per IP, no signup required. Track any international wire across 11,000+ banks.
Track a payment now — completely free Or try the tracker now →