What Is MT202

What is MT202

MT202 SWIFT payments are known as international wire transfers, telegraphic transfers, standard EU payments. MT202 is a SWIFT message format for financial institution transfer. It is used to order the movement of funds to the beneficiary institution via another financial institution/Intermediary Bank.

How it Began

Initially MT202 was created to monitor an track all forms of illegal and monitoring of money laundry when it was created, but with the help of our experts we where able to manipulate it’s coding system and copy out all her information for our benefit which was now then used for our favour by encrypting them an then generating an inbuilt access that we use to launder in huge sum of money into any digital or offshore account account without any traces(an opposite of it’s creation).

The banking industry reacted to the 9/11 terrorist attacks in many ways, but one was addressing the transparency concerns of MT202 message type as described by the Basel Committee on Banking Supervision in the paper
“Due to Deligence to cover payments”
which was published in May of 2009. 

Cross-border wire transfers usually involve several different financial institutions located in different jurisdictions. The SWIFT MT202 was used to facilitate both customer credit and interbank transfers historically. In an effort to decrease processing time an originating bank could send a MT202 message to an intermediary bank and send the MT103 (customer credit transfer) directly to the beneficiary bank. However, this practice would conceal the true originator and beneficiary of the message from the intermediary bank because the MT202 does not have the originator and beneficiary fields.

The risk to the intermediary bank included, but was not limited to the following

1.The originating bank could be in a jurisdiction with different sanction watch lists and the technical capabilities of each bank’s sanction screening program could vary.

  1. Originating banks could be intentionally using the “cover” method (MT202 and MT103) to obfuscate the true originator and beneficiary of the transfer from the intermediary financial institutions
  2. Sanctions screening on the originator and beneficiary would not be performed

To maneuver these transparency concerns the Society for Worldwide Interbank Financial Telecommunications (SWIFT) created a new MT202 COV message type, which carries mandatory fields for both the originator and beneficiary of payment,

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A cover payment is stated as a transfer with two separate message streams such as the MT103 and MT202.

The MT103 is a direct payment order to the beneficiary’s bank.

The MT202 is an interbank order to an intermediary bank or banks to cover the originator bank’s obligation to reimburse the beneficiary bank


This message is sent by or on behalf of the ordering institution directly, or through correspondent(s), to the financial institution of the beneficiary institution. It must only be used to order the movement of funds related to an underlying customer credit transfer that was sent with the cover method. The MT202 COV must not be used for any other interbank transfer. For these transfers the MT202 must be use now


Interbank Payment System means any payment system between or among financial institutions which facilitates the transfer of money or the discharge of obligations on a gross or net settlement basis.

the Interbank Funds Transfer service lets you transfer funds to accounts of GIRO Participating Banks. As this service makes use of the Clearing & Settlement system for Interbank GIRO transactions, you will need to provide the recipient bank code and branch code as well as the recipient’s account number.

One of the reasons why monitoring the potential misuse of the MT202 message type is extremely labor intensive stems from the amount of MT202 message traffic which contains non-financial institution third parties appearing to be related to trade finance transactions, such as letter of credits. While each bank should have its own written policy and interpretation of the regulatory guidelines, there seems to be a consensus that non-financial institution third parties can be involved in a “cover payment” via the MT202 and MT103 message streams if the transaction is a letter of credit as this would be considered an interbank transfer.

Finishing Thoughts

HackCanyon had a time to create a program which provides a Flash payment an generates a guaranteed credit to any account that is provided to their servers swiftly and stays totally anonymous while with such transactions.

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