Last reviewed: · Curated by Ohmyfin Organisation editorial.
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.
Details
When a customer sends an MT103 from Bank A to Bank B in another currency, Bank A may also send an MT202 (or MT202COV) instructing its correspondent in that currency to move the funds to Bank B's correspondent. Customers never see the MT202 — only their bank does.
MT202COV is a variant that carries the underlying customer details for sanctions and compliance screening. Regulators in most major jurisdictions now require MT202COV (not plain MT202) for cover payments.
In ISO 20022 the MT202 equivalent is pacs.009.
Key facts
Bank-to-bank, not customer-facing
Often the "cover" behind an MT103 customer transfer
MT202COV carries underlying customer data for compliance
ISO 20022 equivalent is pacs.009
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.
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