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The difference between MT940 and MT942 is when messages are sent. Both are sent to customers. MT940 sends transaction details. MT942 is messages that are requested by customers. A customer sets up what information they want and how often in this case.
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What is the difference between SWIFT MT940 and MT950?
The difference between SWIFT MT940 and MT950 is where the message is sent. MT940 is sent from one financial institution to another financial institution. MT950 is sent from a financial institution to a consumer.
What is swift MT940?
The MT940 (MT = Message Type) electronic account statement is an international standard that was developed by S.W.I.F.T. in Brussels for the paperless transmission of account information. This standard is used by banks all over the world. In particular, MT940 is used to provide bank information to clients' cash management, treasury systems and accounting applications
Difference between MT950 and MT940?
In a nutshell the MT940 message has an optional (86) tag that allows for 6 "lines" of free form text related to the specific detail line that is reported.
What is mt940?
MT940 is a category 9 message that provides transaction and balance details about an account to a financial institution. This is done at the request of the account holder.
What is a swift MT940?
Swift Category 9 codes deal with cash management and customer statuses. An MT940 is code for a Customer Statement Message and provides balance details to a bank on behalf of the account owner.
What is the difference between mt950 and mt940?
2 differences: 1) SWIFT MT 940 messages are sent between financial institutions only, whereas MT 950s can be sent directly to (usually large) corporate Swift users 2) MT 940s include a free text field, whereas MT 950s don't
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